Price Of Wine Expected To Drop To Lowest In Years
Raise your glasses or tumblers in the air because this is a toast that all wine lovers can get behind. The price of wine is expected to drop to the lowest it has been in five years.
The reason wine prices will be dropping is due to a surplus of California grapes and a decrease in the demand for wine.
According to WKRN, vineyards in Northern California began planting thousands of acres of new vines in 2016, and with more efficient harvesting methods, it has led to more bountiful harvests of grapes.However, if there is not enough demand to go along with an increased supply, the access grapes go to waste.
As far as why the demand is significantly lower for wine than it has been in the past, more Americans are drinking liquor and the new hot trend of seltzers. Millennial aren't drinking much wine compared to boomers.
That being said, wine lovers can expect to see prices of wine go down in 2020. WKRN also says that these lower prices could last up to three years. So enjoy these discounted prices, and stock up!