Silicon Valley Bank released its annual report outlining trends in wine consumption, with a summary showing the premium wine segment prospering despite losses in overall wine market share to spirits. While premium wine sales experienced another strong year amid an increasingly challenging marketplace—with revenue on average up 9.7% through September 2022—the U.S. wine industry experienced negative sales volume growth due to a decrease in sales of lower-priced wine. Consumers older than 60 are the only growth segment. While older consumers are paying more for premium wine, younger buyers are increasingly less engaged with the wine category and 35% of 21- to 29-year-old consumers drink alcohol, but not wine. That number drops 7 percentage points to 28% for individuals 50-59 years old. Of those consumers who left that group, two percentage points moved to being at least marginal wine consumers. Meanwhile, 5% are now abstaining from drinking alcohol. The full report is available at svb.com.