stop by the local wine shop on your direction home from work today ? Thatbottleof red , white , or rosé might be a little cheaper than it has been in the yesteryear — and not ( necessarily ) because today is National Drink Wine Day . According toCNN , the monetary value of wine is on the decline due to a grape vine surplus in California and a lessening in demand across the country .
Jeff Bitter , Chief Executive of Allied Grape Growers , told CNN that demand had grown pretty consistently for about 20 years before abruptly slowing down in 2015 . That surprising decrease , combined with especially plentiful grapevine harvest at northern California vineyards — which were part the result of improved harvesting techniques — has force the market to omit its prices .
" Since it takes up to five years to fetch wine to market from the initial planning stages of imbed a vineyard , it make hitting future demand very complicated , ” Bitter told CNN . “ In this casing , we overshot demand . ”
Prices will belike stick depleted for a few years while vineyards compute out how many acres of vine they want to fit consumer demand . Meanwhile , the rest of the wine-colored industry will be trying to figure out how to increase demand by direct a seemingly indifferent demographic : Millennials .
Rob McMillan , founder of Silicon Valley Bank ’s wine division , explicate in the annualreporton the state of the wine-coloured industriousness that this price drop could be one way of tacitly encouragingMillennialsto pick out wine over other types ofalcohol .
“ Acute oversupply will allow for better - tone succus in lower - price bottle , which will improve value and may provide an incentive for some Millennials to become more logical wine-coloured buyers , ” McMillansaidin the report .
Whether or not you ’re a wine drinker yourself , you could still enjoy ascertain a little something about everyone ’s favourite fermented yield juice — here are 10 fact you might not have sex aboutwine .
[ h / tCNN ]
