Who is responsible for what seems to be the inevitable climb in industry growth for food and wine festivals? Not to our surprise, statistics show that Millennials are carrying the weight in the Food and Wine arena as the driving force behind the industries projected over 200% annual growth in the industry. From 2013-2014 alone Eventbrite saw a 47% rise in food and drink events on their platform, and surveyed 5,000 millennials in this category to find that 80 percent have attended at least three or more food, wine or beer events in the past 12 months.
The food and wine festivals are gauging their target demographic trends, mirroring similar forms of engagement we see at music festivals with their unique sponsorship activations. At this year's Aspen Food Wine, the luxury automaker, Lexus served as a designated drive with a fleet of 25 branded SUV's on location, to whisk festival goers from place to place, free of charge. With a live event so inviting to millennials, it's not hard to believe that 99% of attendees said they would be more likely to purchase and recommend a brand purveyed at a festival after the event. Its lasting impressions like this, that impact purchasing behavior way beyond the event. Not only are these young adults more invested in experiences, but they also share these moments with their peers in both their digital and social networks.
Adding to its overall appeal, these format festivals also give attendees the opportunity to get behind the brand so to speak, with face to face time with festival goers favorite restaurateurs, producers, or chefs of their favorite brands. According to the Eventbrite survey, a whopping 55% of attendees claim to have attended a festival specifically to meet the people they associated with the brands.
XLIVE will discuss how Wine Festivals have developed over the course of the past 10 years. Hear from key players in the space as they break down the keys to success for both traditional and speciality wine festivals in the session The Value of Vino, Tuesday, December 6th in Las Vegas Nevada.