Wine Lovers Rejoice; 2020 Will See A Drop In Prices
Great news coming after the weekend that Townsquare Media had our annual “Wine Not” Winter Wine Festival. If you have never been to our annual event and you like wine you have to put it on your calendar for next year.
According to the 2020 State of the Wine Industry report prices for wine are expected to be at a five year low.
Due to a surplus of grapes and believe it or not an expected downturn in demand. Perhaps many of the wine drinkers have moved on to craft beers.
The surplus of grapes is concentrated in the states of California and Washington. According to MLive Michigan vineyards and Michigan-made wines are not expected to be affected.
The founder of Silicon Valley Bank’s Wine Division and author of the annual State of the Wine Industry report, Rob McMillan stated in the report:
Today, the wine supply chain is stuffed…This oversupply, coupled with eroding consumer demand, can only lead to discounting of finished wine, bulk wine and grapes.
So to all you wine lovers, stock up this year.