A New York Post article titled "Millennials are ruining the American wine industry" says millennials aren't buying much domestic wine. Sales might flatten out after many years of growth.
Article
Note: When opening this article in my browser a script on the page was hanging up.
There are two things wrong with this story besides the terrible title and the poorly-written script on the web page.
Prices
As the recession ended prices have gone up significantly. Not to long ago I laughed at $50 Zinfandel and $65 Pinot Noir. This is, unfortunately, becoming more common. How many twenty-somethings are going to pay this for a bottle of wine. Heck, how many fifty-somethings will?
It's not millennials ruining the industry, it just might be greed. Maybe greed is too strong a word as every business wants to be profitable, but what will the market put up with? I'm confident things will swing back into balance eventually--like after a couple years of flat sales.
Millennials
This may come as a shock, but this age group doesn't control the world's free markets! Premium wines, lets say over $25, has always been in the hands of consumers in their 40s and 50s. Whether you call them boomers, Xers, or eventually millennials. This is the age range that shops luxury goods like premium wines.
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