Report: Young Drinkers Down Wine Prices
Good news for those of you who like to drink an occasional glass of wine. Wine prices are on their way down.
According to the State of the Wine Industry 2020 Report (yes, that's a thing), prices of wines produced in the United States could reach their lowest point in the last 20 years. The report says the reason for that is a surplus of wine and grapes. However, the report goes on to say the surplus is not the result of the overplanting of grapes or underconsumption. The reason for that surplus isn't because people aren't drinking wine. Here's what the report says is the reason:
It’s due to the wine industry’s growing miss in not providing consumers what they want. That’s not an adverse statement about the quality of what our industry produces. We’ve never made better wine. But based on the industry’s current results, making great wine isn’t good enough for the consumer today. We are increasingly missing the mark on consumer expectations, and our results show it.
So, what is the problem? The report blames three main factors: Millennial drinkers who are choosing other, sometimes less expensive options, like beer, spirits, and even cannabis. In that same vein, the report claims the industry is "too slow to . . . market to young consumers." The survey also blames what it calls a "neo-prohibition movement" that it says is lobbying state legislatures to enact stronger laws surrounding wine sales and manufacturing.
Click here to read the full report. In the meantime, raise your glass and enjoy the lower prices.