California grape glut creates cheaper wine prices
Grape glut causes wine price decrease
Declining demand for wine is leading to a correction in the cost. FOX Business’ Robert Gray with more.
Wine aficionados get ready to raise your glasses.
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Thanks to a surplus of California grapes and declining demand, wine bills are getting cheaper and are expected to fall to the lowest price in five years, according to a new state of the wine industry report by Silicon Valley Bank.
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Even though wine consumption in the U.S. declined for the first time in 25 years, according to a report from industry group IWSR, some in the wine industry believe lasting change can be good.
WINE PRICES SLATED TO DWINDLE OVER EXCESS GRAPE SUPPLY, EXPERTS SAY
Andrew Murray Vineyards Owner, Andrew Murray, told FOX Business’ Robert Gray that lower wine prices aren’t leaving a bitter taste in his mouth.
“When wine becomes more affordable it becomes more competitive with all of its competitors which is spirits… [and] hard seltzer now marijuana which is legal in California,” he said. “So wine being more affordable, I think that’s a great thing.”