155 Foss Creek Circle, Healdsburg, CA, United States of America, 95448
US Wine Industry Enters Negative Growth Phase; Adoption by New and Younger Consumers Is Lagging
NAPA, Calif. – January 18, 2023 –Silicon Valley Bank, the bank of the world’s most innovative companies and the US premium wine industry, today released its 2023 State of the US Wine Industry Report. The 22nd edition of the annual report provides an assessment of the industry amid current market conditions and shares a unique forecast for the year ahead based on proprietary research and economic and behavioral trends among consumers.
While the premium side of the wine industry experienced another strong year amidst an increasingly challenging marketplace – with revenue on average up 9.7 percent through September 2022 – the US wine industry as a whole experienced negative sales volume growth due to a decrease in sales of lower-priced wine.
Silicon Valley Bank will host a live webinar with Silicon Valley Bank Wine Division founder and author of the report Rob McMillan to discuss the annual report and state of the wine industry on January 18, 2023 at 9:00 a.m. PST with Philana Bouvier, President of Demeine Estates; Amy Hoopes, Chief Strategy and Growth Officer of The Wine Group; and Paul Mabray, CEO of Pix. Register for the live event here. A replay of the discussion will be available after the event.
“The positive growth in premium wine sales is expected to continue into 2023, tempered by the shadow of demand concerns due to the lack of adoption by consumers younger than 60,” said McMillan. “Concerns about alcohol on health, difficult global economic conditions and the growing influence of climate change is impacting consumer behavior. It’s late in the game, but there is still time for the industry to come together to solve the demand issues plaguing the category and improve the trajectory of consumer adoption of wine.”
Highlights and predictions from the 2023 wine industry conditions survey and report:
Supply
Demand
Price
Read the full 2023 State of the Wine Industry report here: www.svb.com/trends-insights/reports/wine-report.
State of the Wine Industry report wine consumption wine sales premium wine Philana Bouvier Amy Hoopes Paul Mabray Rob McMilian
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