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Premium Wine Sales Set to Grow Says New Report

By February 23, 2017Top News

Demand for wines between the price points of $12 and $25 is expected to grow, as is demand for high-end luxury wines, according to the annual “State of the Wine Industry Report,” published by Silicon Valley Bank. Premium wine segment sales are predicted to grow 10 to 14 percent due to better retail conditions, strong consumer demand and good supplier relations. Winery acquisitions are expected to remain active through 2017 and farm labor supply and costs will be the “dominant concerns” in the wine business this year. The report also predicts import growth in lower premium price points. Millennials are positively affecting sales growth in the lower price range of premium sales, which is visible in the $8 to $11.99 red blend category.

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