The Wine Collector

Practical wine collecting advice from Steve Bachmann, Vinfolio's CEO

 
14
Jun
2007

What influences your wine purchase decisions?

Categories: Market-related

Wine Opinions, an Internet-based wine research company, published a report last month titled "Tracking wine media usage and the Influence of Critics."  The report, which includes both trade-only and consumer panels, makes fascinating reading but here are some key findings which struck me as particularly interesting (based on consumer-only responses):

  • The most influential opinions affecting consumer retail wine purchases over $20 (the highest category) were "wine-knowledgeable friends" (72%) followed by retail staff (61%).  See chart below.
  • The Wine Spectator (54%) has more influence than Robert Parker (41%) amongst high price point consumers.
  • 24% of consumers in the panel read wine blogs, about double the level which read the Wine Advocate or eRobertparker.com.
  • 87% of consumer respondents agreed with the statement "I trust my own taste more than I do the wine critics."  Despite that, 49% agreed that "I try hard to avoid wines with poor ratings."
  • Interestingly, most consumers (42%) disagreed with the statement that "There is a big quality difference between a wine related 92 points and one rated 88 points."  Note: another 39% were undecided on this statement. 

  

My conclusions

  • Initiatives to apply social networking to generating wine recommendations should have a receptive audience.
  • Internet-based wine opinions contained in blogs or shared tasting notes are already a significant influence factor and growing stronger based on a steady flow of new initiatives.
  • The role of expert wine retail staff is valued highly.
  • Consumers trust their own opinions more than anyone's and apply their own judgment in terms of how they use third party ratings to make their decisions.

The full 32 page report containing charts, analysis, and the original survey questionnaire is available for purchase at the Wine Opinions Store for $195 (it is report CT4-1).

2 comments:

Great report... but as you pointed out before, the fine wine market and general wine market are two different things. I would like to see a report that asks the same questions to those who purchase wine of the average price of $50 or more. I would think the more money you spend on wine, the more you rely on critics and Robert Parker (simply to make sure your purchase is a good investment and you are not being ripped off).

I think consumers trust their own tastes if spending less than $25 on a bottle of wine, but if they spend more, they want confirmation that what they are drinking is worth the price they paid... and they turn to the wine critics for that.

Posted by Adam at Thursday June 14, 2007

I'm not aware of any research reports focusing on the $50+ wine market which frustrates me too. It seems that even $20 is considered "super ultra luxury" (add your own adjectives). It makes you wonder whether anyone in the market research industry is paying attention to pricing in Napa or Bordeaux.

In terms of your other comment, I just added a new post on the successful use of wine ratings which you might wish to read. The question of whether higher prices tend to drive a greater need for external validation to mitigate risk is interesting but I suspect the figure for each individual varies according to their personal financial resources. In other words, $25 may be equally significant to one person as $150 is to another.

Posted by Steve Bachmann at Saturday June 16, 2007






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