Americans are forsaking premium wines and buying more mid- and low-priced wines, reports today's Wall St. Journal. Sales of wines priced above $25 per bottle slumped 12% in the first quarter.
Boutique wineries – those that make $100 per bottle cabs, for example – are seeing sharper drops of up to 40%. How much are they suffering? Auction Napa Valley, the industry's annual event, raised $5.7 million last month, down from $10.4 million last year.
While winemakers are feeling the heat, consumers are benefiting from lower prices on top bottles. If you've got money to splurge, now is the time to stock up on pricey domestic cabs and meritages.
The full report is here.
Wednesday, July 8, 2009
The Annals of Luxury: Premium Wine Prices Falling
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