The US is heading for its first decline in wine consumption in more than 20 years in 2016, but those who do still buy wine will spend more per bottle, a new report from Silicon Valley Bank (SVB) has forecast.
US fine wine sales are likely to rise by 9-13% in 2016, says the 15th State of the Wine Industry Report 2016 from SVB’s Wine Division. Fine wines were classed as wines above $20 per bottle.
But, report author Rob McMillan said sub-$8 wine sales would fall and he repeated an earlier warning about retiring baby boomers potentially hitting consumption . . . .
‘We believe total and per capita wine consumption in the US will drop for the first time in more than 20 years due to emerging generational shifts in consumption patterns that we see accelerating in the near term.’
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