SVB wine report 2023
Think the WC is full of gloom and doom? This year’s annual wine industry survey takes gloom and doom to places where even I’ve never been
The annual Silicon Valley Bank state of the wine industry report, released yesterday, is so full of gloom and doom that it sounds like I wrote it after a too long day tasting $18 smoooth red wine. But Rob McMillan, the study’s author, is hardly a curmudgeon.
Which should tell you how desperate the situation is facing the wine business – too high prices, too few drinkers, too few people interested in wine, and no one in wine much concerned.
“This is obviously a place where none of us want to be,” said McMillan, speaking to an international webinar. “If a rising tide floats all boats, then a shrinking tide is the opposite. In that case, we’re in a Darwinian model, where the only way to get business is by taking it from someone else. And that’s obviously a place where we don’t want to go.”