Amid talks of a another recession, Decanter.com is reporting “growth projections for US wine consumption have slowed amid increasing economic instability” with imported wine likely to suffer.
Eric Schmidt, manager of information services for the Beverage Information Group, said whilst wine consumption was still expected to grow it would be lower than previously expected.
“This is due to the continued instability in the economy, with the current fluctuations in financial markets not making me more optimistic,” he told Decanter.com.
Schmidt said Australian wine had already fallen victim to the lower consumption and had fallen 12.5% in the last year. He attributed the slump to the country’s grape glut and bulk shipping had “cheapened its image”.