Bourbonomics - taking advantage of human nature

[flahute]

I came across this blog post today that discusses where bourbon pricing has gone and the changing nature of our tolerance levels. (Full disclaimer: the author is a friend of mine, but I have no relation to this blog and no motive to drive traffic to it other than that this is a very well written post that is worthy of discussion.)

https://www.bourbonbanter.com/banter/bourbonomics-taking-advantage-of-human-nature/#.Wt-RH39lD-j

 

It made me think and echos a number of conclusions I've already come to, as have many of you here, as we all make personal decisions regarding our upper price points and what we consider to be "worth it."

I will admit to being guilty of adjusting my "anchor point" over time though the more mature version of me has steadily lowered it as I've learned more, learned what I like, and have overcome the fear of missing out.

I first asserted this new way of thinking when I refused to pay $300 for Booker's Rye. Had it come out a year earlier?......I would have bought as many as I could get.

Access to private barrels was a game changer for me. Since I picked the barrels they are obviously completely in my wheelhouse and I enjoy those picks as much (and in some cases more) than the majority of the LE's. And those picks are all priced at MSRP.

And, though some of us tend to beat this horse often, there truly are enough standard bottles I can go out and buy every day that utterly satisfy. My chasing days are long since over.

Though I can't make it to the gazebo this weekend, I will be back because it's experiences like those that show you where the true treasures are.

Edited April 24, 2018 by flahute
grammar, and, I want to be like Harry

[GaryT]

Thanks for sharing Steve - very well written piece.  I can recall some of those tipping points in my journey - when Bookers (at $50) was a "super expensive purchase", when I first tried WLW or GTS (and thought "Holy sh!t - while $50 is pretty expensive, I'd gladly pay $75 for a bottle of one of these!"), when I first HEARD about an upcoming Compass Box release called The General for $300 (and thought the guys in the car were out of their minds), and a few hours later when I tried it and thought "Hmm . . . yup - I'd pay that"

 

To this day, I can't spend over $300 on a bottle unless I think I will enjoy it better than The General - which may have saved me a ton of money as I ponder that thought   The Booker's Rye I thought was a really nice rye (and I'm glad I got to try it), but because of that whole "anchor point" concept - I would have been disappointed had I spent $300 for a bottle.

 

And to your final point - couldn't say it any better.  While I feel blessed to have tried some truly remarkable whiskies since getting into this hobby, those times don't hold a candle to the enjoyment I get from the periodic gatherings (and virtual sharing through SB.com)  

[bayouredd]

Very Well Done...

I think in all fairness, everyone has or will adjust their anchor point one way or another. Personal affordability, (i.e. bonuses, debts paid, happenstance, etc.) changes often. I have even said that I wouldn't share a couple of my expensive bottles because of money spent on them; but, I have shared every one that I have opened with friends & family. Guilt may have you lamenting about money spent, but circumstance will still make you push your boundaries & anchor point; if not on bourbon, then something else...

[Flyfish]

Some of us live in a whole 'nother world. $300?  I can't imagine EVER spending $300 for a bottle of anything. For that matter, I'm so cheap I can't picture spending $49.99 for a handle of WT101 when I know that I can, and do, stock up with multiple bottles when I see it for $29.99. For me, upscale means splurging on Pikesville Rye. Really enjoyed a pour this afternoon but, truth be told, I don't really like it more than twice as much as Rittenhouse so I probably won't be buying another bottle. I really love some Stagg Jr. Have never seen any in OH but am willing to drop $50 on multiple bottles on it when I see it in TX or  LA. And I will never buy anything at all in Washington State where the taxes are simply ludicrous. Delaware, in contrast, has no tax on liquor so we are looking forward to a visit there in about a month. On our way home will make additional purchases in KY. Meanwhile, our liquor cabinet is stocked well enough to tide us over.

Mrs. F and I are RVers who travel extensively so we know that prices vary widely across the country. We remember when we could get Blanton's for $40 in AZ and would happily buy more at that price point. But (a) we haven't seen Blanton's at any price in a long time and (b) there are way too many acceptable alternatives  to make a fetish out of finding a bottle. There is absolutely nothing that I have to have regardless of price. Bourbon is wonderful! But it's just whiskey, not the Holy Grail. Let's not get carried away.

[lcpfratn]

Thanks for sharing this Steve. It’s a very well written article. I’ve certainly been guilty of raising my anchor price over the last year, but I’m trying to cap it at my most expensive bottle to date ($250). Hopefully I’ll hold the line there and rein it back in some this year.


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[flahute]

6 hours ago, GaryT said:

Thanks for sharing Steve - very well written piece.  I can recall some of those tipping points in my journey - when Bookers (at $50) was a "super expensive purchase", when I first tried WLW or GTS (and thought "Holy sh!t - while $50 is pretty expensive, I'd gladly pay $75 for a bottle of one of these!"), when I first HEARD about an upcoming Compass Box release called The General for $300 (and thought the guys in the car were out of their minds), and a few hours later when I tried it and thought "Hmm . . . yup - I'd pay that"

 

To this day, I can't spend over $300 on a bottle unless I think I will enjoy it better than The General - which may have saved me a ton of money as I ponder that thought   The Booker's Rye I thought was a really nice rye (and I'm glad I got to try it), but because of that whole "anchor point" concept - I would have been disappointed had I spent $300 for a bottle.

 

And to your final point - couldn't say it any better.  While I feel blessed to have tried some truly remarkable whiskies since getting into this hobby, those times don't hold a candle to the enjoyment I get from the periodic gatherings (and virtual sharing through SB.com)  

So interesting that you bring up the General!

That was one that almost got me to raise my anchor point! I wasn't quite ready though. I've always wondered if I made a mistake by not taking the plunge.

To reaffirm your last point though - I have friends I've made at the KBA, my friends in the Bourbon Crusaders who I gather with twice a year in KY, and my friends here. Nothing is as good as that.

[Kepler]

It's funny the article used Booker's Rye as an example of a whiskey that raised the "anchor" point, because that's the bottle that did it for me.  I didn't pull the trigger on the Booker's at first and passed on a bottle at $325 or so.  But then I tried a sample in a bar and was blown away.  At $300 the bottle I did get was and is the most I have ever spent, but now I regret passing on that one for $325.  To me, it was good enough to justify the price however.  Most of those do not.

[fosmith]

I guess my anchor point was $90 for a Whistle Pig 10 year store pick.  It was so good, I was willing to take a chance on KO rye at $130. 

[flahute]

8 hours ago, fosmith said:

I guess my anchor point was $90 for a Whistle Pig 10 year store pick.  It was so good, I was willing to take a chance on KO rye at $130. 

Looks like you have a new anchor point!

[mikeydk]

On 4/29/2018 at 9:18 PM, flahute said:

Looks like you have a new anchor point!

Indeed, KY OWL has given me another anchor point as well.  Frankly, looking back at my widening assembly of whiskey in my home bar, KY OWL is my new benchmark for not just price, but overall value.  Anything I try at a bar now, has to compare with KY OWL or I'll pass on a purchase of my own.  I've exceeded this anchor point a handful of times, but those are incredibly rare exceptions, and are not new anchor points for me.  

 

So a big "thank you?" to KY OWL?   

[BigSkyDrams]

On 5/1/2018 at 1:41 PM, mikeydk said:

Indeed, KY OWL has given me another anchor point as well.  Frankly, looking back at my widening assembly of whiskey in my home bar, KY OWL is my new benchmark for not just price, but overall value.  Anything I try at a bar now, has to compare with KY OWL or I'll pass on a purchase of my own.  I've exceeded this anchor point a handful of times, but those are incredibly rare exceptions, and are not new anchor points for me.  

 

So a big "thank you?" to KY OWL?   

Are you referring to the bourbon or rye? Just curious, as there are still a handful of the KO Ryes at my local. I think the $129 tag is well past the anchor point for most of the clientele around here. I picked one up recently, but haven’t cracked it yet, because I want to save it for a special occasion, presuming I will only be buying one... indeed, $129 is pretty much my ceiling. Only ever spent that much on BTAC bottles prior to this purchase, and I only picked this one up due to a bit of a windfall... but if the KO Rye really is that good, perhaps I’ll have to pick up another.

[Old Hippie]

Great Article and spot on. What I have found over the years is that I end up with more and more opened bottles on my home bar, consequently I dance with them all and none get quickly consumed. As that continues and grows it is easy thing for my anchor point to move up as I know it will be there for a while to enjoy. The main qualifier is I generally like to taste a whiskey before I pony up bigger bucks for it. There are of course, a few exceptions to this. 

[mikeydk]

21 hours ago, BigSkyDrams said:

Are you referring to the bourbon or rye? Just curious, as there are still a handful of the KO Ryes at my local. I think the $129 tag is well past the anchor point for most of the clientele around here. I picked one up recently, but haven’t cracked it yet, because I want to save it for a special occasion, presuming I will only be buying one... indeed, $129 is pretty much my ceiling. Only ever spent that much on BTAC bottles prior to this purchase, and I only picked this one up due to a bit of a windfall... but if the KO Rye really is that good, perhaps I’ll have to pick up another.

Definitely the Rye.  I've found it complicated, complex, compelling, and worth the price for me.  I have a few bottles, some at $129, some at $150.  I encourage you to open it up and try it, special occasion be damned.