Fine wine merchants and private client teams may be overlooking a significant opportunity by not investing in high-net-worth women as fine wine collectors.
Leading voices in the industry believe that the first merchant to successfully engage this emerging market will gain a "massive advantage."
Queena Wong, founder of wine network Curious Vines, a community for women in wine, highlighted the potential ahead of International Women's Day on Friday (8 March). She told db that while there is currently a gap in women collecting fine wine, it also presents a huge opportunity for the right merchant.
"Back in the day, we used to talk about emerging markets geographically, but I believe women are the untapped market within the luxury space," Wong said. She emphasized that this should not be a "one-off, ‘let’s do a women in wine event’ for International Women’s Day," but rather a long-term strategic decision requiring "serious, multi-year investment."
This investment includes increasing the number of women in private client sales and allowing these sales teams to build relationships organically over time. It also involves creating a more inclusive space for wine events. "Within the UK, there’ll be a first mover advantage to the merchants or the people that invest," Wong said. "Those who invest in approaching this untapped market will have a far more balanced portfolio of clientele."
Building this market will take time and effort. Wong pointed out that "women are not going to start buying a £500 bottle of wine" right away. It’s about building trust and knowledge over time to increase their confidence and willingness to invest in fine wines.
Positive Signs
There are already promising signs. Katy Keating, managing director of Flint Wines, noted that while only a handful of women collectors have reached the six-figure mark, participation in the Burgundy en primeur campaign doubled among women this year compared to pre-pandemic levels. Nearly 40% of Flint Wines' social media followers identify as female, which Keating considers a positive indicator of growing interest among women.
However, data on female collectors is still sparse. Emma Fox, CEO of Berry Bros & Rudd, admitted that "the majority of our wine collecting customers are male," partly because databases often list male names first in heterosexual couples, skewing the data.
Role Models and Education
Keating, who previously headed Lay & Wheeler, stressed the importance of role models in the industry. She pointed out influential women like Jancis Robinson MW, Jane Anson, Anne Krebiehl MW, and Ella Lister as examples of women paving the way. Increasing the number of women in private client sales could also help boost female engagement in wine collecting.
Fox views this as both an external and internal education effort. "We speak to high-net-worth female customers to understand their journey and what more we could do to support them," she said. Conversations revealed that women might take longer to make decisions about purchases, reflecting a more considered approach. "If they choose to, they’ll certainly collect as much as their male counterparts," Fox noted.
Lay & Wheeler is also keen to engage more female clients. Beth Pearce MW, a buyer at Lay & Wheeler, highlighted the importance of making events "as inviting and inclusive as possible."
Strategic Collaborations
BBR is collaborating with luxury goods and concierge companies like Quintessentially to bring wine to high-net-worth women rather than expecting them to come to traditional locations like St James's. "We’re seeking more, listening and understanding where the potential female collectors are," Fox explained. She anticipates several future collaborations with high-end luxury brands to facilitate education and awareness among potential female collectors.
In summary, the fine wine industry stands to benefit greatly by strategically investing in high-net-worth women as collectors. This requires long-term commitment, education, and an inclusive approach to build a balanced and diverse portfolio of clientele.
Source: The Drinks Business