“We believe total and per capita wine consumption in the US will drop for the first time in more than 20 years due to emerging generational shifts in consumption patterns that we see accelerating in the near term,” explains Rob McMillan, founder of Silicon Valley Bank’s Wine Division
For the first time in two decades, total and per capita American wine consumption is anticipated to decline. This is attributed to generational demographic shifts between baby boomers and millennials. As millennials develop into the predominant spending force in the US, their spending patterns are different.
Millennials are more cost conscious and willing to drink across categories. California producers in particular will have to rethink strategies.
Source: New York Post