The global fine wine segment is seeing more female buyers at present. But the sex ratio of Asia’s fine wine consumers is balanced, according to fine wine research firm Areni.
In March, Areni published a joint report with French wine trader Mestrezat Grands Crus provides insights into today’s global fine wine consumers from four markets: the UK, the US, China, and Hong Kong.
According to the report, there is an increasing number of women purchasing fine wine, though this is not equal by country. For instance, in the UK and the US, seven in 10 fine wine buyers are men, while in China and Hong Kong, there is a balance of men and women fine wine consumers.
The report also noted that more women are also coming to the fine wine auctions of Sotheby’s, one of the world’s largest fine art marketplaces, rising up to 22% at some locations.
Meanwhile, Areni’s report also revealed that younger consumers are coming into the fine wine scene. In the case of Sotheby, the average age of its fine wine bidders is “more like 40” across markets, according to Jamie Richie, the company’s worldwide head. Before, the average age of its buyers was 65.
Based on a survey jointly conducted with Wine Intelligence, Areni found that 38% of its respondents are below the age of 35.
The report also showed that those young consumers, especially from China, prefer to purchase wine online and through apps.
Areni also drew the following insights about fine wine consumers:
- Regardless of wealth status, fine wine consumers “want to be seen” and “acknowledged.” They are demanding and expect personalized, top-notch service.
- Their motivations to get involved with wine varies, from a desire to learn more, desire to trade wine to just wanting to get their hands on the drink.
- The best way to approach high net worth individuals is by offering them access to people and producers, as well as exclusive events. Generally, they have “very high” expectations and are “highly demanding.”
- High net worth buyers are usually loyal to their wine intermediaries (merchants, sommeliers, or consultants); they are also highly price-sensitive and aware of wine’s fair value.
