“Millennials – young adults born between 1982 and the early 2000s - are driven by an appetite for quality and authenticity, and look for these qualities in their experiences, even if the cost is higher. We are finding that these characteristics are driving them to consume more premium wines.”
Supporting this sentiment are results from Nielsen’s latest Global Premiumisation Survey, which reveals that millennials are more likely to pay premium prices for products that come with high-quality standards in comparison to other generations.
Van Niekerk adds that as the demand for more premium wine gains momentum amongst millennials, the local wine industry needs to keep producing sophisticated wines for new, discerning palates. “Premium wines are not only wines that have been aged in barrels for many years or stored in vaults for decades, but also wines that can also be enjoyed upon purchase. There are still many wine connoisseurs who look to store wines for long periods of time, but the age of a wine no longer dictates its premium level.
