Too Many Grapes Equals Cheaper Wine
There are so many grapes that are being harvested in California that the price of wine will continue to drop and be the lowest in five years.
According to News 10 ABC, there has been a decrease in wine drinkers. It seems that Millenials are drinking pre-made cocktails and liquor. There have been bountiful harvests of grapes in Northern California and they began planting back in 2016. It may seem like a great problem to have, but if there isn't enough demand, the extra grapes go to waste.
With an oversupply of wine and grapes and the consumer demand at a low, it seems that there will be major discounting of high-end wine, bulk wine, and grapes. Look to see the price of wine decrease soon. This means the really pricey wines will also see a discount. There are estimates that the price of wine will be the lowest in five years.