As the global wine industry grows and becomes more competitive companies are trying to attract new consumers, especially from the millennial generation (or Generation Y) cohort (people born between 1981 and 1996)
This generation grew up in a period where new wine attributes have gained importance, especially those related to environmental, ethical, and social issues. They are a generation who look for value and want to have an enjoyable experience with wine. Let’s make sustainable a cool thing!
Many wine organizations are now realizing the importance of attracting this generation that has the potential to form long-term loyalties. Therefore, wineries have started to focus on adopting competitive strategies in order to target this millennial generation.
It has been proven that the adoption of sustainable schemes by wineries can differentiate them from their competitors, and therefore offer them a competitive advantage.
The term ‘sustainability’ in the wine industry is still mainly associated with the environmental aspects of wine production, neglecting other important areas such as ethical and social development.
However, the increase in millennial consumer interest, their attitudes, and perceptions regarding sustainability, in general, are already having an impact on buying decisions and therefore making wine companies move towards more appropriate sustainability practices.
In other words, the drive to adopt proper sustainable practices has become more urgent in recent years, which is due, in part, to the changing consumer attitudes and habits of the millennial generation. If we want wine to continue to be relevant in the modern world, the industry needs to connect with these consumers’ emotions and values.
Millennials are regarded as influential, but they appear less interested in wine than previous generations. The main reason for this seems to be related to the fact that their approach to wine is vastly different than that of previous generations.
The wine industry has the opportunity to satisfy this consumer sector and gain a competitive advantage by implementing sustainable strategies, based on the sustainable development goals framework, that embrace not only environmental but also social and ethical issues that support millennials’ general mindset and preferences.