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The Richest Generation in American History is Coming Your Way. Are You Ready?
I subscribe to Tuesday Tidbits, a weekly information sheet by Donniella Winchell, Executive Director of the Ohio Wine Producers Association and a long-time powerhouse in the wine industry. With Donnie’s permission, I am reprinting this article as it has some great information.
A great read that will give you lots to think about.
“Covid has forced all of us to take a new look at the world and the consumers around us. Here is an interesting stat, taken from an article by W. Blake Gray which appeared on my news feed this past week:
One of the most interesting demographic facts he (Moramarco) presented (at a recent conference). There are now more consumers in the ‘young 60s’ than from ages 21 -25.
And from Demographic Drought by Emsi: “3 million Boomers retired during COVID. And they are retiring with an average of $12 million household net worth, making them the richest generation in American history.”
So these Boomers have time AND money to spend. Plus, we all know they have a greater interest in wine than in seltzers, beer, spirits, and the like.
So, why are we not giving them more attention?
Additional research says they are looking for fun things to do, do not consider themselves to be ‘old’, want interesting experiences, love to travel, are looking for a healthy lifestyle, enjoy lifelong learning, and perhaps even might want to take on a fun, part-time job.
All of this sounds like we have things that would appeal to this generation. So, I repeat, why are we not giving them more attention?”
A tip of the glass from me to you!
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The Wine Industry Advisor is an Online Industry Publication featuring news and articles relevant to the wine industry. Our goal is to be a resource for wine businesses and professionals by providing free access to our knowledge base articles, industry press releases, and daily news. We aim to provide you with the information most relevant to you.
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