Raise a glass for falling wine prices.
Too many grapes and less demand for vino these days means you’ll save big.
More like the best wine retail values in 20 years!
Take it from industry expert Rob McMillan in his recent State of the Wine Industry report.
CNN says we can expect the price of wine to drop to its lowest levels in five years because California has too many grapes.
Too much of a good thing can be good for buyers, but bad for growers.
It’s because thousands of acres of new vines were planted across Northern California in 2016.
Problem is, if there isn’t enough demand – and there isn’t because millennials aren’t reaching for the stuff – CNN says the surplus grapes go to waste.
The grapes can go to secondary market to be used as brandy or grape concentrate.
But the growers don’t turn much of a profit from that.
McMillan also says the wine industry is having a tough time roping in the millennial consumer.
He thinks cheaper prices will reel them in.
They’ll have plenty of time to become connoisseurs.
The lower prices are expected to last up to three years as growers cut down on producing acres of vines.
In the meantime, cheers to that!