10 Feb Targeting the Affluent Consumer: Learning from the Bourbon Boom
Here in Louisville, KY bourbon has been beloved for many years and as more than just a drink but as a lifestyle. In 2014, the bourbon boom expanded across the country. Predictions state that we will continue to see growth of the bourbon industry in 2016 as well by around 20%.
That being said, who is the audience for the bourbon boom? Statistics tell us they have higher incomes, more disposable cash, higher education levels and now they are spread out across the nation. This audience is male dominated but reportedly 37% of women drink whiskey. Why are audiences so drawn to bourbon? Bourbon has a long history rooted in Kentucky and American traditions. It has the allure of being unique, hand crafted, and local or American made. Due to the length of time it takes to make a proper bourbon it has the high quality of scarcity and exclusivity. Some of the most prominent such as Pappy Van Winkle have made the news in 2015 for selling at record high prices.
This spike like those before it will fall, but in marketing we know we should jump at the chance to grow and market to this massive audience before it is gone. These fleeting trends allow us to increase our knowledge of the consumer base. Beyond bourbon there is a larger trend of wanting to have products that promote a certain lifestyle. Consumers want products which are in tune with their passions and indulgences, they want to learn more about a product than what is on the label. Today’s consumers become a part of a larger scheme creating feelings of community among strangers. They value authenticity and luxury; they are buying an experience not just a product. They are not just individual consumers they are a subculture.
How could this consumer perspective relate to your business or product? Some of the principles may be basic but can get lost underneath years of tweaked marketing campaigns and trend chasing. What is the experience you are selling?
Is there a consumer group you would like to know more about, here at Media Venue we want to know what is important to you? Comment below and we will be delighted to discuss what marketing questions or comments you have.