There’s some good news for hardcore wineheads out there. The price of wine is on the decline. The annual State of the Wine Industry report, published by Silicon Valley Bank, indicates that wine prices are projected to reach the lowest they’ve been in over five years due to both an oversupply of grapes and reduced demand. What and who could be responsible for such a thing? Millennials of course.
In reality, Allied Grape Growers President Jeff Bitter — perfect name for that job and proof we don’t live in a real-world — told CNN that an oversupply of grapes caused by a planting bloom in 2016 and an overestimation of demand alongside improved harvesting methods have contributed to a surplus that is sure to drive prices down. But, we have to ask, who has time for wine when you’re slamming White Claw after White Claw?
The author of the report, Rob McMillan writes that “this is the worst combination of market conditions for growers since at least 2001 and perhaps of all time.” Rough times for the wine industry for sure but now is the perfect time and excuse for you to start exploring the world of wine. Do you like reds, whites, or sparkling blush? Who knows! A whole new frontier awaits us all.