Treasury Wine Estates launches Millennial-focused brand
Treasury Wine Estates (TWE) has launched Samuel Wynn & Co, a wine brand specifically designed to target Millennials. The generation born between 1980 and 2000 has changed the market’s dynamics, giving a great importance to experience and company values. Research also shows that Millennials have a great influence on other generations through use of digital media.
According to research conducted by the TWE, Millennials are the second largest consumers of wine. The first products released by Samuel Wynn & Co are red wines, The Man from Nowhere Shiraz 2016 and Last Rites Cabernet Sauvignon 2016, while other varieties will be released next year.
The importance given by Millennials to brand experience led Treasury Wine Estates to find a story to focus its brand, which is inspired by the adventurous life of Samuel Wynn. A wine industry legend from Australia, Wynn travelled as a wine merchant and explored new territories for sourcing, selecting and celebrating wines. In line with the adventurous spirit, Treasury Wine Estates will have a consumer promotion at the end of 2017 which will send three customers on an adventure of a lifetime.
Angus McPherson, TWE’s managing director for Australia & New Zealand, says, “The key to maintaining momentum with Millennials is to think beyond traditional wine norms and make wine engaging and enjoyable. It’s simplistic to think that there’s a ‘one-size-fits-all’ approach to Millennials and we will continue to innovate in order to drive category and business growth.”
Millennials are characterised for being digital natives and therefore very active in social networks, not only as users but also as content creators. Although Millennials are stereotyped as less keen on buying goods, the demographic are consumers of services that provide access to products, which has favoured the boom of the 'sharing economy.' Millennials’ large participation has changed the retail market, particularly through products reviews and prices comparisons - a huge consideration for food and drink producers, including wine brand.
With added importance given to lifestyle and experience, companies have begun to rethink their offer towards Millennials. For Treasury Wine Estates, focusing on the heritage of its new products provides the unique experience Millennials are searching for while ensuring the brand can continue producing a high-quality product.