Younger consumers of legal drinking age tend to drink well, but less, as they will pay for premium wines, but overall will purchase fewer bottles, due to the current economic conditions. This is a shift from buying several bottles of wine for an occasion at a lower price, leading to a higher dollar purchase overall, to settling for a lower dollar purchase for one or two premium bottles.
In early March 2023, federal regulators took over Silicon Valley Bank (SVB), after several unfortunate events culminated in its collapse. This bank collapse carries special significance to the US wine industry, and its long-term consequences will surely be felt in the category during the forecast period.
2020, 2021, and 2022 were all challenging years for the local and international production of wine, as climate change impacted the traditional vine-growing regions globally. The South of France, Spanish regions, and North California all experienced harsh weather conditions, leading to early harvests, leaving vintners with lower yields in recent vintages, as well as unknown quality, as soil nutrients were impacted by heatwaves, droughts.
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Wine
This is the aggregation of still and sparkling light grape wines, fortified wine and vermouth and non-grape wine. In terms of alcohol content, light wine usually falls into the 8-14% ABV bracket while fortified wine ranges from 14-23% ABV. Low and non-alcoholic wine is also included in the data (attributed to each sector as appropriate).
See All of Our DefinitionsThis report originates from Passport, our Wine research and analysis database.
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