~~~O-O~~~The summary statement from the Annual SVB Wine Report is the Wine Business is at a decision point. We either keep doing what we are doing today and see the category sag, or we change the way we sell and market. Why have I come to this stark conclusion?
Sales growth is dropping precariously close to zero, and volume growth in off-premise is already negative. Why? Retiring boomers living on a fixed income are drinking less, and the much-hyped millennial isn't yet engaging in the product. They are beer and spirits consumers to start, but drink lees than prior generations. There are questions about young consumers ever moving over to wine in the same way boomers adopted the product.
The reasons are many but top level, the young consumers lack financial capacity, are health-conscious in an era where the product is being hammered in the press as unhealthy, and then there is the issue of cannabis that I discussed January 6th. [link]
With the wine-loving boomer contracting in their purchasing - and we know that will continue, we have to attract the millennial or face decline, in the same way the beer category has since the 80's by not focusing on delivering a product in the right way and style for consumers.
We delivered on the one-hour live videocast this past week. It was a flaming success as you can tell from this unaltered headline picture from the broadcast above. It's now available to watch on-demand [link].
The whole videocast is always a lot of fun for me. It's a bit of a catharsis after almost 4 months of research and writing. But the hour goes so fast we never get to as many questions from the live session as we'd like. And with so many asking for added discussion, we've decided to host a second hour of new content in a live broadcast.
In this second hour videocast, we talked about many of the questions from the live audience that came up during the first telecast, along with some ideas to overcome the obvious problems that face us.
Please join Amy Hoopes President of Wente, Dale Stratton head of consumer insights at Constellation, Paul Mabray CEO of Emetry, and me for the second hour of new content.
You can sign up for this broadcast which will be delivered live on Wednesday January 23rd by clicking on the box here. Doing so allows you to watch it when its delivered, but if you can't set the time aside - signing up will also get you a link sent via email for the replay after this broadcast, from which you can watch with timing that suits your schedule.
Register now, join us and continue the conversation!!