MoneyConsumer

Actions

Wine prices expected to drop to lowest in 20 years

Posted at 5:38 AM, Feb 18, 2020
and last updated 2020-02-18 05:38:40-05

Let’s raise our glasses and toast to cheaper wine!

Wine drinkers will be pleased to know prices are dropping fast.

The surplus is a result of good weather, a drop in the demand and more efficient harvesting techniques.

Some experts say wine drinkers can expect the best retail value in 20 years.

Many winemakers are putting their surplus grapes on secondary markets; bulk selling them or making brandy.

Experts say California producers will need to cut down on the acres of vine productions and that it will take about 2 to 3 years for the grapes to stabilize.

Winegrowers said it takes 5 years to bring wine to the market once the vine is planted and the long turn around time makes it hard to predict what demand will be so far in advance.

Experts say the other reason for the drop is that younger adults are preferring premade cocktails to wine.