In a survey conducted among 1,000 UK regular wine drinkers in August 2014, 28% of over-65s said they spend £4.99 or less on a bottle of wine for a party or celebration, compared with 15% of under-35s.

Younger people were found most likely to spend more with just over 30% of under-35s saying they would spend over £8 a bottle on wine for a party at home. Whereas, 13% of 45-53s said they would offer wine at a party costing less than £5.

Wine Intelligence chief executive Lulie Halstead said: “We do know that younger consumers tend to use price as a way of reassuring themselves that the wine is good enough to share with others, particularly if they are less experienced in the category.

“Wine consumers over the age of 65 tend to have a much clearer idea of the type of wine they like, and they seek out the best value they can within that. With a high proportion of retirees in this age group, it’s more likely that they have time to shop around, and many would also face the constraints of a fixed income.”