The wine industry is experiencing notable challenges, particularly evidenced by a drop in consumption in the U.S. According to Silicon Valley Bank's report by Rob McMillan, generational divides are becoming more pronounced, with younger consumers favoring alternative beverages. This shift is expected to lead to significant changes in premium wine sales and winery visitation trends. The report highlights concerns that tasting rooms are struggling with visitation rates, and indicates potential market erosion due to cannabis and other sectors. Predictions suggest that premium wine growth might peak and then plateau by 2029 as the preferences evolve.
The shift in consumer preferences is evident, with younger generations prioritizing alternative beverages, influencing the declining visitation rates at winery tasting rooms.
The stark difference between the wine consumption habits of older, high-spending consumers and the emerging younger cohort highlights a troubling trend for the wine industry.
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