Youth Market in US Wine Term Paper

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Youth Market in U.S. Wine

Strengths of the Wine Industry:

Awareness about the health benefits of wine drinking is growing

Wine Industry has been able to produce high quality wine at affordable prices of late

Development in biotechnology means that plentiful grape production is likely in future

Weaknesses:

The wine industry has mainly catered to the older generation of wine drinkers thus far

The passive attitude in the industry that the young generation naturally grows into wine drinking as it ages.

Opportunities:

Generation X (21-34-year-olds) spends 10% more than baby-boomers on every type of alcohol, except wine. They also drink 51% more alcohol than baby-boomers do. (Roberts of Wine X magazine, quoted by Scalera, 2002)

Recent studies show that young drinkers, ages 21 to 34, are more willing to pay for premium wine than the generation of 35-to-54-year-olds

The youth market is potentially the biggest wine drinking market

Threats:

The 'core market' (39.9% of wine drinkers consume 86% of all table wine consumption) of wine drinkers is graying, which means a decline in wine consumption unless more young people take up wine drinking (Wine Market Council Report quoted by Skeen, 2003)

Research indicates that consumption habits are formed in the mid to late twenties.

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