The U.S. wine industry in the past three years has endured devastating wildfires, the pandemic and the ravages of a warning climate. It also faces the threat of irrelevance.
The top consumer group for American wine remains solidly in the category of people above 60 years of age, a population that’s being replaced at a pace of 10,000 a day with younger consumers, according to SVB’s 2023 annual wine industry report. What’s worse, growth in the volume of U.S. wine consumed has been falling for years , turning negative in the past two years after a brief 2020 pandemic spike, according to estimates from the Shanken Impact Databank Review and Forecast.
Amy Hoopes, chief revenue officer at The Wine Group, said during the virtual talk that people have been drinking a little less, but opting for better quality wines.
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