"If wine continues to grow at these levels, the U.S. will surpass both Italy and France to become both the largest wine market and biggest wine importer in the world by the end of the decade," says Eric Schmidt, manager of information services for the Beverage Information Group based in Norwalk, Connecticut.
Important demographic trends cited in the 2008 Wine Handbook are quite favorable for the wine industry. The 70 million people that make up the "Millennial" generation (age 23 to 30) are not as sophisticated about wine as proceeding generations and are willing to experiment with bottles at lower price points, according to the 2008 Wine Handbook. They also prefer to buy wine based on visual appeal and name recognition rather than winemaking region. Conversely, the Baby Boomers, the 77 million Americans between the ages of 43 and 61, have more disposable income and are spending on the more exclusive, higher-priced wines. What's more, the Hispanic demographic is emerging as an important wine consumer group and the Echo Boomers are coming of age in rapid numbers.
Packaging trends are also boding well for the wine industry. Boxed wine is experiencing a resurgence in the United States as it's now being used for premium and super-premium wines in addition to traditional bulk wines of lesser quality. Target's Wine Cube, produced by Trinchero Family Estates, and the super-premium Black Box Wines from Constellation Wines are prime examples. Screw cap closures are also gaining greater acceptance stateside for their airtight seal and reseal capabilities.
