New study provides glimpse into future of who buys fine wine

More women and young people are entering the market.

The fine wine market attracts an increasing amount of women  / Credit: Lassedesignen - Stockadobe.com
The fine wine market attracts an increasing amount of women / Credit: Lassedesignen - Stockadobe.com

Results of a two-year study conducted by ARENI Global and Mestrezat Grand Crus have been released, offering interesting insights into the future fine wine consumer. The Future of Fine Wine Consumers 2021 study aimed to look specifically at fine wine consumers – who they are, how they define fine wine, their buying behaviors, and the corresponding implications for the future of fine wine. The study collected both qualitative and quantitative data, partnering with Wine Intelligence for the quantitative piece, and targeted four key markets – the UK, the US, China and Hong Kong.

The key findings of the 89-page report were recently published by Forbes. Among them, there is a marked increase in the number of women buying fine wines. In the US and UK, women now represent 30 percent of consumers. In China and Hong Kong, however, 50 percent of consumers are women. Additionally, in a realm traditionally dominated by men over the age of 60, the study found that 38 percent of respondents were younger than 35. Auction houses such as Sotheby’s confirmed these trends, noting that there is an increase in both female and younger bidders in their auctions. 

The report points to implications for the future fine wine segment, including how the pandemic year 2020 will impact things moving forward. Knowing exactly who the current – and future – consumer is, as well as his (or her) values and motivations, will provide producers, distributors and educators the key to providing what the consumer wants. An executive summary of the report can be found here. kw


 

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