We’ve heard a lot about how millennials have reduced spending power, thanks to the 2008 recession, and are slow to enter the market for premium wine. So this graph caught my eye. Statistical results depend on how you gather the data and this is only one data point so take it with a grain of salt. But Kevin Drum at Mother Jones usually does a good job with statistical analysis.
Millennial incomes are no lower than previous generations. Nor, generally speaking, are millennials more in debt, less likely to own a home, or less likely to spend money. You can pick out a few small differences depending on how you cherry pick years and which generations you compare to, but millennials right now are roughly as well off as young people in previous generations and their spending habits are pretty similar too.
I can hear the wine industry breathing a sigh of relief, although if this is true that removes one explanation for why millennials aren’t buying as much wine as expected.
The bad news for all of us is that we live in a world where we have to endure the thought of more products like this one:
I do know people who occasionally drink wine for breakfast. But who wants wine in their yoghurt? This is from the Aussie-inspired Wallaby brand. They do like Vegemite down under so maybe this shouldn’t surprise us. But I would assume they’ve done market research and concluded this is worth a try.