Silicon Valley Bank’s annual Wine Industry Report is out and Oregon wineries will find the info on demographics enlightening. Maybe we don’t have to twist our brains into a pretzel trying to figure out how to sell to the fickle Millennials. At least not quite yet.
SVB debunks the popular notion that Millennials must be marketed to as top priority. According to SVB, Millennials are not going to be important buyers of fine wine for years, while baby boomers continue to go strong and are the most targeted segment of the population. For the many Oregon winemakers focusing on making superb Pinots at prices at or over $20, attracting Millennials should not be their top priority.
However, Baby boomers are heading into their mid to late sixties and their consumption will start going down.
Herald the under-appreciated Gen-Xers, whose wine buying surpasses that of Baby Boomers but who receive a lot less marketing attention than the trendy Millennials and dependable Boomers.
The report encompasses 47 small print pages of data, mostly applicable to the top 20 or so wineries in the country, but there are further nuggets of useful info for Oregon wineries. Click the image below to download the report.