Luxury wine sales decline
Sales of luxury wines are declining, according to reports from the Wall Street Journal and Santa Rosa Press Democrat.
Luxury Wine Market Reels from Downturn
By JIM CARLTON and DAVID KESMODEL
Wall Street Journal
July 8, 2009
[excerpt:]
ST. HELENA, Calif. -- Many of America's high-end wineries are reeling from the economic downturn, as even wealthy drinkers slash spending on fine wines.
The slump comes as Americans continue to drink more wine overall. Recession-weary consumers, however, are buying more mid- and low-priced wines, causing a sharp falloff in sales of wines priced at $25 a bottle and higher.
The shift is pinching the profits of luxury vintners in Napa and Sonoma counties and forcing many to cut prices and seek new distribution channels. Some hard-hit wineries have quietly put themselves up for sale . . .
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To read the entire article, visit the Wall Street Journal website. |
Grapes go unsold
By PAUL PAYNE
Santa Rosa Press Democrat
July 9, 2009
[excerpt:]
. . .
The recession has cut consumer spending on wine, especially at the high end, and wineries are responding by making less of it . . .
Battered by shrinking demand for luxury wine and rumors early on of a big crop, some varieties are now selling for about half of what they did last year -- if they sell at all . . .
Growers of premium grapes are especially concerned as a "chic to be cheap" mentality appears to take hold, he said . . .
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To read the entire article, visit the Press Democrat website. |
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