Cable Wine Systems (www.CableWineSystems.com), creators of a revolutionary wine racking system, is weighing in on a study claiming that Millennials spend more on a bottle of wine when compared to older demographics.
A recent report by Wine Intelligence Portrait found that younger, affluent Canadians, specifically Millennials and younger members of Generation X, are spending more money on a bottle of wine than their Canadian counterparts. The report also concluded that this younger group of affluent wine drinkers account for approximately 10% of wine drinkers in Canada, roughly 1.6 million people. (Britner, L., “Younger consumers in Canada willing to spend more on wine – research,” Just-Drinks.com, October 7, 2015; http://www.just-drinks.com/news/younger-consumers-in-canada-willing-to-spend-more-on-wine-research_id118349.aspx.)
“This report is consistent with the overall behaviour of this generation and their attitude towards wine drinking,” says Steve Papadimitriou, Owner of Cable Wine Systems. “As has often been stated recently, this generation appreciates wine and this report shows they are proving that with their wallets.”
The report further details the study, stating that on average these consumers spend 32% more per bottle, which is a significant jump from the typical consumer. This implies that this group of wine drinkers has the resources to spend that much more on a bottle of wine and they’re taking the opportunity to explore their options.
The report also groups the generation into different categories, the largest of which is what they name “Premium Brand Consumers.” This group consists of people who drink a glass of wine to relax after their day is over. The other grouping includes those who are extremely passionate about the variations of wine, dubbed by the report as “Adventurous Connoisseurs.”
“These groupings are similar to how more traditional consumers also look at wine,” Papadimitriou concludes. “Most people are either casual wine drinkers who are fairly knowledgeable but prefer drinking socially and at their home or they are real students of wine. Those are the ones who will go to tastings and tend to know much more about wine than the average consumer.”
Cable Wine Systems is the developer of a wine storage system that is flexible in its ability to hold different bottle sizes and features a customizable design that can meet the owner’s preferences. For more information visit www.CableWineSystems.com.