ATLANTA (CNN) — Cheers to cheaper wine!
Prices are expected to drop to the lowest levels in five years.
Too many California grapes.
And low demand.
That’s according to the newly released state of the wine industry report from Silicon Valley bank.
Experts say if there’s not enough demand to support increased production, the surplus grapes go to waste.
One industry group says demand is so low that wine consumption has dropped for the first time in 25 years.
Industry experts say consumers might be able to enjoy the sweet low prices for the next three years as they wait for grape prices to stabilize.
And in order for that to happen, experts say California growers will need to cut down on producing acres of vines.
Industry groups point out that part of the problem is that millennials aren’t engaging with wine as they hoped.
Saying they’re thirstier for premium liquor and ready-to-drink cocktails.
That’s sour news for wine producers who saw millennials as the industry’s largest growth opportunity.
So, toast to that and stock up on your favorites at a lower price!
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