Wine consumers are not likely to resume their pre-recession spending on wine anytime soon, according to delegate discussions at the recent 19th annual Wine Industry Financial Symposium held in Napa Valley.
According to online industry news website Wines & Vines, a number of speakers presented data or opinions that many consumers who’ve traded down are happy with the cheaper wine they’re buying
“While acknowledging that things have improved compared to last year, most attendees agreed with a survey taken before the meeting, the results of which indicate that the economy still faces a long comeback,” Wines & Vines reported.
Fifty-six percent of winery respondents in a survey held before the conference predicted things will get back to normal within three years, 22% within five years, and an equal number said, “Never.” Fewer than 10% saw this happening within a year.
For more on the conference, click here.