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Research shows: More and more women and young people are entering the world of high-quality wine

Research shows: More and more women and young people are entering the world of high-quality wine

  • Categories:Industry News
  • Author:Liz Thach, MW
  • Origin:Forbes China
  • Time of issue:2021-06-10
  • Views:0

(Summary description)For many years, the world of premium wine has been dominated by men over 60, but a new study initiated by Areni-Global shows that this situation has finally changed. Key drivers include technology, the COVID-19 pandemic, and changing social patterns. Nowadays, more and more women and young consumers are entering the once thin field of high-quality wine collection. Most of the participants are high-net-worth individuals with liquid financial assets of at least US$1 million. The average cost of wine is US$75 or more.

Research shows: More and more women and young people are entering the world of high-quality wine

(Summary description)For many years, the world of premium wine has been dominated by men over 60, but a new study initiated by Areni-Global shows that this situation has finally changed. Key drivers include technology, the COVID-19 pandemic, and changing social patterns. Nowadays, more and more women and young consumers are entering the once thin field of high-quality wine collection. Most of the participants are high-net-worth individuals with liquid financial assets of at least US$1 million. The average cost of wine is US$75 or more.

  • Categories:Industry News
  • Author:Liz Thach, MW
  • Origin:Forbes China
  • Time of issue:2021-06-10
  • Views:0
Information

For many years, the world of premium wine has been dominated by men over 60, but a new study initiated by Areni-Global shows that this situation has finally changed. Key drivers include technology, the COVID-19 pandemic, and changing social patterns. Nowadays, more and more women and young consumers are entering the once thin field of high-quality wine collection. Most of the participants are high-net-worth individuals with liquid financial assets of at least US$1 million. The average cost of wine is US$75 or more.

 

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About this study: Premium wines performed well during the COVID-19 pandemic

Areni-Global is a research and action organization for the future of premium wine, headquartered in London. They and their partner in Bordeaux, Mestrezt, started the most comprehensive study on premium wines and wrote an 89-page report entitled "The Future of Premium Wine Consumers in 2021." Its methodology includes in-depth interviews with industry experts and consumers in multiple countries. They also signed a contract with Wine Intelligence to conduct a quantitative survey of high-quality wine consumers in four regions: the United States, the United Kingdom, Mainland China and Hong Kong. In addition, they also correlated the research results with the Liv-Ex Premium Wine Index, which tracks global pricing, and Sotheby's premium wine auction sales data.

A key finding of this study is that the premium wine market performed quite well during the COVID-19 pandemic, mainly because high-wealth people bought more special wines for consumption at home. According to Liv-Ex data, even though sales fell slightly at the beginning of the lockdown period of the new crown pneumonia epidemic, by the end of 2020, the total purchase and sale price reached a record 83 million pounds (approximately 117 million US dollars), an increase from 2019 33 million pounds (approximately 46 million US dollars).

Definition of quality wine

The report's author and Areni executive director Pauline Vicard (Pauline Vicard) explained that defining quality wines can be challenging. "Most people think of high prices when they think of quality wines," she said. "However, we have been studying this issue for many years and finally decided on the following definition:'Premium wine is complex, balanced, and has ageing potential-yet it is very suitable for drinking at every stage of its development.'"

She added that high-quality wine stimulates emotions and reveries when consumed, and is environmentally, socially and financially sustainable. At the same time, Vikard mentioned that they must formulate price levels to help people understand the concept more clearly. Therefore, they determined that the entry level is 30-150 euros, the second level is 150-450 euros, and the third level is more than 450 euros. Interestingly, research shows that wealthy high-net-worth individuals buy wines at all three price levels. They know the fair value of wines and still like good-quality and inexpensive products.

More women and young consumers enter the stage of premium wine

Perhaps one of the most surprising results of this study is that the number of women buying quality wine has increased, but there are also differences between regions and regions. According to Vicard, “In the UK and the US, men account for 70% of premium wine consumers. In Mainland China and Hong Kong, the ratio of men to women is fairly balanced, with 50% each.”

According to the report, the number of women participating in Sotheby's premium wine auctions has also increased significantly, with an increase of up to 22% in some places. Sotheby's recognizes that the value of the female part of the market is growing and is looking for ways to encourage more women to participate in high-quality wine auctions and related events.

Similarly, the number of young consumers of premium wine is also increasing. The report quoted Sotheby’s Global President Jamie Richie as saying: “We received some 30 or 40-year-old bidders; when I joined Sotheby’s in 1990, the average age of bidders was 65. Now the average of our various markets He is about 40 years old."

This quantitative study also supports this trend, with an average of 38% of respondents under the age of 35 in all four regions. These young consumers tend to give different answers to survey questions. For example, when talking about wine, they prefer to use words like "natural, exciting, romantic". However, older consumers associate quality wines with terms such as "tradition and elegance".

Not surprisingly, younger consumers are more likely to buy wine online and through apps, especially in mainland China. In the United States, young consumers have high expectations for being able to follow producers on social media. Perhaps most importantly, in the United States, only 42% of young consumers rely on brands, while 71% of older wine consumers rely on brands. This also supports other studies that young consumers rely on their social networks to provide them with purchase recommendations.

Premium wine consumers are one of the wealthiest groups

Vikard said the research also showed that consumers of premium wines belong to the wealthiest group in every country studied. The estimated data are as follows:

There are 5.4 million high-quality wine consumers in the U.S. (purchase wines priced above $75)

There are 35 million high-quality wine consumers in Mainland China (purchasing imported wine over RMB 500)

There are 500,000 high-quality wine consumers in Hong Kong, China (purchasing wines above 500 Hong Kong dollars)

There are 2.6 million premium wine consumers in the UK (purchasing wine over £50)

Impact on premium wine producers

The study provides some suggestions for wine producers to meet the needs of consumers of high-quality wines. Since many of them are driven by curiosity and the desire to find a unique bottle of wine, they like to obtain a rare bottle of wine for their cellar and share it with friends and family. They will also be attracted to events, people, and places that are not normally open to everyone.

Consumers of high-quality wines are very international and can effortlessly travel to different wine-producing regions to taste wines. Many people have a trusted network of wine merchants from whom they buy wine, and they are loyal to these people and institutions. Therefore, high-quality wine producers need to develop special experiences at the winery (or online winery during the COVID-19 pandemic) and establish a solid relationship with the high-quality wine merchants, who are the middlemen of these high wealth people.

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