Central MN Could See Drop in Wine Prices Due to Grape Excess
Here's something to raise your glass to -- an excess of grapes could mean a drop in the price of wine in 2020!
According to a recent report by the Allied Grape Growers, "the industry is facing a demand problem more so than a supply problem. Simultaneously...regardless of the origin of the problem, the end result is the same – market imbalance, ultimately manifesting itself as oversupply."
Basically, the report indicates, "older" folks still like their wine while "younger" drinkers are preferring options like hard seltzers, craft beer, cocktails and non-alcoholic options creative a significant mismatching of supply and demand. The report estimates that some 100,000 tons of grapes went unharvested in 2019. That's a LOT of wasted grapes!
"It took the wine industry a couple of years to recognize and appreciate the reality and severity of stagnating wine shipments. The trend started in 2015, but nobody was talking about it with any particular concern until 2018."
What's all that mean for you?
Until the supply and demand balances out, there's a good chance you'll be seeing a drop in wine prices at your favorite liquor store! We can't confirm with certainty when and where it will happen, but if trends are anything to go by, it will likely be sometime this year, so keep your eyes out!