Authenticity Key to Wooing Younger Wine Consumers, Price Says
Authenticity Key to Wooing Younger Wine Consumers, Price Says
Mar 19, 2013 6(Bloomberg) - California’s $20 billion wine industry needs to work harder to entice young consumers who resist conventional marketing, said William Price, a co-founder of buyout firm TPG Capital and chairman of Vincraft Group. Younger wine buyers, those born in the 1980s and 1990s and known as Generation Y, or millennials, are the fastest-growing segment of the U.S. wine market and are notoriously averse to obvious marketing tactics, said Price, who spoke on a wine- business panel at Bloomberg’s San Francisco bureau yesterday.
“The key thing to the younger drinkers is being authentic -- they have super-sensitive noses about what’s not authentic about your brand,” Price said. “Just trying to be sure what you stand for is true in every aspect in your business, all the way from where you contact people to how you make your wine, how you grow your grapes.”
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