Wealthy Americans Rank Premium Wines
More than two-thirds (70 percent) of wealthy U.S. consumers under the age of 50 drink wine at least once a month, and they're willing to pay premium prices for preferred vintages: an average of $48 per bottle at retail and $64 at a restaurant. These are among findings of the New York-based Luxury Institute's just released Luxury Brand Status Index (LBSI) premium wines survey.
Consumers 21 and older from households with income of at least $150,000 annually evaluated 20 premium domestic wine brands on the degree to which each embodies the four pillars of brand value: superior quality, exclusivity, enhanced social status, and an overall superior consumption experience.
Respondents also revealed which wines are worth paying premium prices, which they would recommend to people close to them, and which brand they will buy next.
Based on overall 1-10 LBSI scores, Ghost Pines (7.65) earns top honors, and it ranks the highest on all four pillars of value. Known for California winemaker Michael Eddy's multi-appellation blends of grapes from Napa, Sonoma, Monterey, and San Joaquin counties, Ghost Pines is also the brand consumers deem most worthy of a price premium, even though many of its bottles sell for less than $20.
Other highly ranked premium domestic brands include Mount Veeder (7.39), Meiomi (7.30), Bridlewood (7.16), and Edna Valley (6.90).
"Winemaking is the quintessential luxury business in many ways," says Luxury Institute CEO Milton Pedraza. "Brand value begins with the best-quality raw materials and grows with fine craftsmanship and a relentless focus on execution and consistently delighting customers."