Wednesday, March 10, 2010

Wine and the recession

The Press Democrat, of Santa Rosa, California, reports on how the recession has hit local wineries.

Since the start of the recession in 2007, it has become chic to drink cheaper wines. There has been a flood of cheap imports to the US, and local wineries are offering deep discounts. One wine that previously retailed for $15 can now be found at $5.99. Wineries are finding it hard to get bank loans, and vineyards are receiving less for their grapes. Some wineries are on the market, and their value has fallen by 20% - 50%. The only good news seems to be that US wine consumption is still increasing.

Read the full article, Setbacks in Wine Country.

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