Generation Y drinkers more likely to pay for premium alcoholic drink that has been recommended by their friends than one that has been endorsed by an industry expert, research report states
October 18, 2012
– Research and Markets (http://www.researchandmarkets.com/research/j9p39v/consumer_and) has announced the addition of the "Consumer and Innovation Trends in Wine" report to their offering.
Stereotypes associated with wine - who should drink it, where it should come from, and how it should be consumed - are proving increasingly irrelevant as consumers' needs and demands erode preconceptions of the industry and create new opportunities.
While wine consumption is primarily driven by enjoyment and indulgence, new product development reflects the multifaceted motivations associated with buying and consuming wine. This brief outlines the most important consumer and product trends impacting the wine category globally, using Datamonitor's TrendSights mega-trend framework as a basis to organize the key themes covered.
- Each section is introduced with a concise SWOT analysis that outlines how each TrendSights mega-trend can be applied to the wine category.
- Consumer insight analysis covering 18 countries globally highlights the key attitudes and behaviors that drive consumers' wine preferences.
- Draw inspiration from numerous case studies and product examples throughout the brief that showcase best-in-class innovations in wine.
- Drinkers from Generation Y are more likely to pay a premium for an alcoholic drink that has been recommended by their friends, compared to one endorsed by an expert, underscoring the importance of peer approval for younger drinkers. Peer recommendations are also seen as more trustworthy, authentic, and less biased than corporate marketing.
- While label design and brand are certainly important influences for Chinese drinkers, industry players should be wary of over-reliance on extrinsic cues to communicate quality. Chinese drinkers actually place the most value on intrinsic factors which are key to the composition of the wine, such as taste and ingredients.
Reasons to Purchase
- How do Datamonitor's mega-trends apply specifically to wine? How is this likely to evolve over the next few years?
- Where is innovation occurring in the wine category and what does it look like?
- How do consumers regard Old World versus New World wines?
- How are wine companies using the online space to more effectively engage with consumers?
For more information visit http://www.researchandmarkets.com/research/j9p39v/consumer_and
Research and Markets
Laura Wood, Senior Manager
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
© 2021 Business Wire, Inc., All rights reserved.