Retiring ‘Baby Boomers’ may damage US wine sales growth, say researchers

news  %tages Retiring Baby Boomers may damage US wine sales growth, say researchers
Young wine drinkers in the US will struggle to match the financial firepower of the retiring 'Baby Boomer' generation in the next decade, potentially putting pressure on sales, researchers have warned.

. The Silicon Valley researchers believe a key pressure point will arrive within the next decade, and probably in around seven years. They likened the situation to the retirement of the World War Two generation in the mid-to-late 1980s, and a concurrent drop in wine consumption in the US until 'Baby Boomers' picked up the floppy in 1994 and propelled consumption to two decades of unparalleled progression. Rob McMillan, founder of Silicon Valley Bank's wine division, said there is now particular about the spending power of the youngest group of consumers - the so-called 'Millenials'. They have long been courted by the wine trade, but are emerging from the US recession to face the prospect of being worse-off in future than their parents. 'Younger consumers from all reports are more engaged in wine than older generations,' McMillan told 'But, it’s not only the desire to consume wine that’s vital, it’s the capacity to buy wine,' he said. 'Do the younger cohorts appearance up have the same opportunity for wealth creation and income [as the Boomers]? The answer in my opinion is no. The economic headwinds that the younger generation faces are of a magnitude worse than they were for Boomers.'In the small to medium-term, a lot could depend on so-called 'Generation X', which sits between the 'Millenials' and 'Boomers' in an age range of 36 to 47. 'Generation X' is the progression followers that is being overlooked by marketers,' McMillan said.

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