A global think tank, a research and action institute, ARENI Global is dedicated to understanding and sharing knowledge around the world of fine wine.  Pauline Vicard, the Co-Founder and Executive Director, shares ARENI’s definition of fine wine and details findings from their research around the fine wine consumer.  This includes how millennials are shifting the mindset of all fine wine consumers, how they are loyal to merchants over brands, and the differences between consumers in Hong Kong, mainland China, and Europe.  Listen in and get to know the fine wine consumer better! Detailed Show Notes: ARENI Global - started as a think tank in 2017, gathering experts within and outside of the wine world, now a research and action institute with 3 steps: 1) understand the world 2) the impacts on the future of fine wine 3) what actions to takeARENI deliverablesDiscussion platforms with peersPublish whitepapers, reports, articlesSmaller events, panelsFine wine definitionObjective quality - complexity, length, balance, potential to ageThe capacity of fine wine to stop time, bring emotionsRelationship with its maker - the authenticity of expression of the winemakerPrice points - start at 30 euros ex-cellar, to the highest bracket of 450+ euros ex-cellarThe fine wine consumerARENI interviews collectors and merchants every yearWant to be treated as unique; curious - really into information; international; demanding; very loyal (not to wines/brand, but to several merchants) - trust is important; price-aware; masculine = getting more feminine (~15-20% today); getting young (now ~49, but getting younger)Use the internet to review prices and ratingsYounger international / millennials - don’t have a lot of regional differences, often source wines from around the world; choose restaurants based on sommeliers and follow them on Instagram; learn from the internetHong Kong - buy to possess, only buy through friends, interested in famous history or personalities, not vineyards and soilMainland China - buy to drink, only buy through friends, use the internet to make sure wine exists and isn’t counterfeitWhen prices rise for specific wines or regions, those buyers move on to other wines/regions; the brands find new customers in different regionsFine wine regionsmostly the classics, Bordeaux (70%), Burgundy rising, Italy, and ChampagneCalifornia has not impacted much because very little sold internationally, though more via La Place de Bordeaux; taste profile too powerful, Super Tuscans more similar to Bordeaux and better-perceived value4 types of fine wine consumers - fairly equally distributed between eachPassionate - addicted to knowledge, mentorship importantStatus Seekers - buy the label, belong to a group, approved by influencersCollector Drinkers - buy and sell wines, make money to buy more wineAffluent - people who are rich and want to drink better winesMillennial mindset - impacting other groups with their mindset - want to be considered as an individual, demanding, likes sustainability, social media use; the challenge is the affordability of fine winePeople tend to learn about fine wine through family consumption (especially in Europe), work (especially in the US), bought fine wine when it was cheaper years ago, mentorship (often from merchants and sommeliers), interest in food, and travel Get access to library episodes Hosted on Acast. See acast.com/privacy for more information.