Here’s what you need to know to start your week
- Supreme Court struck down out-of-state shipping restriction laws on Wednesday
- Expect industry and trade groups to take individual states to court over unconstitutional laws
- The rate of change will be relatively slow as laws don’t get changed/added rather quickly
This was some of the biggest news in the wine, spirits, and beer industry this year. Unfortunately, we won’t see much movement on this for a couple of years as the changes will be stuck in courts or state’s legislatures, but that shouldn’t take away from the fact that this was indeed a win for the industry.
- Wine and Cannabis are becoming more intertwined with pairings and co-tastings becoming commonplace
- Legalization efforts are ramping up across the nation, making a nationwide movement seem more and more inevitable.
We didn’t think we’d start our Monday morning off talking about wine and weed, and we’re sure you didn’t either. While not taken seriously by some, the legalization movement has gained momentum, with 20% of states already passed into law, and even more having decriminalized cannabis. In the wine industry, trail blazing entrepreneurs are enthusiastic about connecting the two, insisting on their shared complexities and ability to be studied, savored, and collected.
We’re not about to recommend to our merchant partners to start growing out the back, nowhere close. However, it’s important to keep an eye on and prepare to adapt with industry shifts. If you happen to be in a state where cannabis has been legalized, consider bringing in experts to increase your customer base and continue to improve customer value. Just remember to keep everything on the right side of the law!
- Millennials represent 17% of the buying population but only buy 10% of annual wine sales
- In less than 10 years, they are expected to become the largest share of the wine buying populous
It comes as no shock that millennials are having a measurable affect on yet another industry. But instead of jumping to conclusions and shouting from the rooftops that they are ruining wine; smart retailers will recognize the change as opportunity not a threat. Beer sales are down and as of now, the spirits industry has picked up their slack. It’s time for the new formats and styles of wine that are popping up to meet the demand.
As smart retailers, which you are since you’re reading our blog, it’s important to take note of trends and opportunities, and adapt your business practices to them. By offering low alcohol wines, canned wines, and more, retailers can attract the fleeting generation back into their stores and create life long customers.