US wine sales continued a multiyear decline in 2024, dropping approximately 6% from 2023. Experts attribute this trend to shifting demographics, health concerns, new competition, and economic forces. While other alcoholic beverages have also seen sales decrease, wine's decline is steeper, prompting worries about the industry's long-term viability.
U.S. wine sales continued a multiyear decline in 2024, which experts attribute to shifting demographics, health concerns , new competition and economic forcesWine sales in the U.S. last year tumbled approximately 6% from 2023, according to data from the industry data group SipSource. The drop is the latest in a long-term decline in wine demand in restaurants, bars and stores that some are calling an “existential threat” to the industry.
Wine, which comes in a large bottle and may require a corkscrew or extra glasses, is at a disadvantage compared to the convenience of premixed drinks. “Pot is taking a big chunk out of it because it’s just another part of the party puzzle,” Decker said. “It’s one other thing that people can do.” “Retailers love them,” said Bump Williams, who runs an alcoholic beverage industry consulting business and has worked in the industry for at least three decades. “If a retailer sees one of their patrons that has had too much to drink, they can give them a water and they don’t make any money on that. Instead, they can give them a nonalcoholic mixed cocktail.”“De-alcoholized beer is booming, and the quality of the best de-alcoholized beer is excellent,” Veseth said. “Wine is lagging.
Food & Drink WINE SALES ALCOHOL INDUSTRY CONSUMER TRENDS HEALTH CONCERNS ECONOMIC FORCES
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lego Lifts Toy Sales Despite Industry DeclineWhile the overall toy industry faces a second year of sales drops, Lego stands out with strong growth. The company's strategies of diversification, licensing, and focusing on 'passion points' have fueled its success.
Read more »
Lego Leads the Toy Industry Amidst Sales DeclineDespite a projected second consecutive year of decline in the toy industry, Lego stands out with its impressive growth. The Danish company's success stems from its strategic business restructuring, diversification of its customer base, and expansion into various markets.
Read more »
Lego Drives Toy Industry Growth Amidst Sales DeclineDespite a projected second consecutive annual sales decline for the toy industry, Lego continues to experience significant growth, boosting overall market performance.
Read more »
UK Alcohol Exports Plummet as Sales to US DeclineA new report reveals a significant drop in value and volume of alcohol exports from the UK, particularly impacting whisky and gin sales to the US. The decline has been attributed to several factors, including increasing administrative burdens for small to medium sized businesses exporting goods. While some categories like salmon and animal oils have seen increases in value, the overall trend paints a concerning picture for the UK's food and drink industry.
Read more »
Tesla Sales Decline for First Time Since 2015Despite efforts to boost sales, Tesla's global sales saw a decline in 2024, marking the first year-over-year drop since at least 2015.
Read more »
Tesla Sees Sales Decline Despite Fourth Quarter BoostTesla experienced a year-over-year sales decline for the first time since at least 2015, despite a fourth-quarter surge. The company delivered 1.79 million vehicles in 2023, a slight decrease from the previous year. Factors contributing to the decline include an aging model lineup, increased competition, and concerns among mainstream buyers about range, price, and charging infrastructure.
Read more »