(This post “Luxury Wine and Millennials: The 3 Golden Rules” was written by Guillaume Jourdan. You can reach him at info@vitabella.fr or via Linkedin.)
What share of your sales do millennials currently represent? Those we refer to as Millennials have grown up aspiring to luxury products and their desire to possess them is not diminishing. But could it be that Millennials have a problem with the world of wine? Or does the world of wine have a problem with Millennials? In any case the debate is very much in the news; if you are a wine brand, what should you be doing to attract this much sought-after young target? In the rather more cosseted world of luxury wines, the debate seems less pronounced. Perhaps some believe these Millennials will grow older in any event and that, depending on their financial situation, they will naturally move towards this category later in their life. Well, they’re wrong. Now is the now time to apply the three golden rules to build links between Millennials and Luxury Wine brands.
RULE 1
– DO NOT DIRECTLY TARGET MILLENNIALS. But on the other hand, since millennials set the tone and create new trends there is much to be learned from them in how to bring on your approach and the presentation of your brand.
RULE 2
– PROMOTE A MORE ACCESSIBLE WINE . A wine (or a range of wines) at a lower entry price will allow consumers to engage with the brand earlier in their lifecycle.
RULE 3
– FOCUS ON WINNING MINDSHARE AS A BIG AREA OF SPEND. Make sure, though, that you ensure you maintain your brand’s prestige and credibility.
The image of luxury wines is at stake. As I mentioned in my post “In 10 years, what will the list of the 25 most powerful names in the wine world look like?” nothing is set in stone. In an increasingly competitive environment and with the arrival of Millennials, there is no guarantee that a major name in wine today will still have the same appeal in 20 years time among new consumers. And in a world in which luxury is becoming more accessible, the emphasis on brand recognition is now essential.
(For more information, contact us: info@vitabella.fr)
