Warren Buffett, who watchers had expected to buy a beer distributor, made a recent bet on wine instead, reports Business Insider, in a move that reflects the drinking habits of aging baby boomers. A subsidiary of Buffett’s Berkshire Hathaway has a deal in place to buy Empire Distributing, a niche wine distributor based in Atlanta and operating in Georgia and North Carolina—and he probably paid top dollar, reports Wine & Spirits Daily.
Why? Well, the same Wine & Spirits post notes that, according to a recent Nielsen study, wine is one of the biggest spending categories for seniors, who shell out $124 on it per year. Boomers spend even more—$125, compared to $78 for gen x'ers and $61 for millennials. The deal isn't expected to be Buffett's last in the wine industry.