Agreed. Thought of that right after I posted. His annual reports were such well-written fountains of information. Without question they increased my interest in Riesling and Champagne.
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I got a few emails from Myriad offering 20% off and free shipping . Think it’s a first . Maybe not due just to the economy but the overall wine industry picture .
For rose white and canned wine.,
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And still over priced IMHO……
From WSJ today:
U.S. Spirits Market Still Firmly in Decline – Market Talk
Monday, May 20, 2024 11:53 AM CT
1253 ET - The latest data on the U.S. spirits market makes for disheartening reading, Bernstein analysts say in a research note. The market remains firmly in decline, with volumes down 4.3% in March, and down 5.1% if you strip out ready-to-drink products, the analysts say. Some growth was seen in pre-mixed cocktails with lower alcohol by volume, but that growth has been slowing sharply, the analysts say. The data suggest there is “still no light at the end of the tunnel,” the analysts say. (dean.seal@wsj.com)
If the wine industry is growing too fast, then the spirits market has growing at ludicrous speed. They actually stopped issuing distillation licenses in NJ because it got out of hand. I think they were only available for something like 2-3 years too.
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Re spirits - Japanese whiskies are hot right now and the Suntory portfolio (Hakushu, Hibiki, Yamazaki) became very difficult to procure a couple of years ago, especially any of the age designated whiskies. You needed to show support right across their portfolio to even be offered them.
Last month, nice offer with discounts right across the portfolio, open slather. The market moves quickly.
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I think this proves than an over saturation of attempted advantageous pricing by retailers equals a market crash.
Pappy 15/20/23, which is the benchmark, is down over 25%, and I don’t think it’s done dropping.
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Ten years ago.
Japanese whiskies jumped into stratosphere and they became almost unobtainium basically overnight when a Yamazaki whisky was awarded the best whisky in the world title in 2014.
The crazy thing is that the hype has not died out during the decade.
Some mixed signals out there. New data.
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The one not new data is how much more Millenials are spending on wine vs. Boomers. They by quality, not quantity.
Asking Benchmark and Pressoir how they are doing isn’t really reflective of true retail. Those guys are in the major baller wine market, and sales have been strong, especially now that prices have slid down. Love them both dearly, but they aren’t selling the “every day” wines that so much of retail is, and those are the guys that are hurting.
Nice to see a report that is not all doom and gloom for the wine industry.
Not only spending more
Millennials also [reportedly] spend, on average, $65.80 per bottle, compared to Baby Boomers who spend, on average, $36.67 for wine on special occasions.
“The WMC has been analyzing American wine drinking patterns since 1997. This study looks at the average wine consumption rates between generations and found that Millennials – after a period of experimentation with other alcoholic beverages – once they reach their 30s, are consuming wine at higher rates, and now account for a larger percentage of regular (they drink wine once a week or more) consumption than Boomers.”
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Time to raise prices to attract millennials!
-Al
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Exactly what would be expected, and what several people have written in various threads about how wine is going to die because younger generations don’t drink it.
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Couple items, wine takeaway from retail is way down, see below…and saw a NIQ survey where consumers were asked if prices kept rising on food and other inflation impacted items what would they cut back on and #1 response with 44% was alcohol.
I’d be curious if that Millenial number is mean vs median.
I think both are mean.
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I know this is supposedly based on “4,470 legal-drinking age Americans, of which 1,584 were wine consumers,” according to the Forbes story, but those numbers seem very dubious to me.
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Why do you think that?
I’m not John but I’ll take a stab at it: because it absolutely beggars belief. Whatever they are looking at, it cannot possibly be the overall average.
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