Drop in wine demand

The European wine industry is being battered by sliding demand due to the current inflation storm on food and drink prices, in combination with a solid 2022 harvest, which has left wine cellars filled to the brim, according to a new European Commission report.

Wine production on the continent increased 4% last year compared with the previous year, while wine stocks were 2% higher versus a five-year average. The drop in wine demand was the most significant in Portugal, down 34%. Demand also tumbled 22% in Germany, 15% in France, 10% in Spain, and 7% in Italy.

And it gets worse for the producers, as the commission stated: “In parallel, EU wine exports for the period January to April 2023 have been 8.5% lower than the previous year, contributing to further increasing the stocks.”

DB2

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Sounds like a good time/reason to lower prices. Supply and demand, ya know? But we’ll never see that happen.

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This lost all credibility entirely and immediately when I saw the source.

ZeroHedge has never ever gotten anything right because the source is so hell bound on messing around with information.

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