Domestic wine industry toasts cautious optimism
on 03/02/11 at 2:52 pmIndustry
After a sobering few years of weathering the recession, the domestic wine industry can now toast to cautious optimism.
That was the message for some 2,000 wine industry professionals who attended the Unified Wine & Grape Symposium’s State of the Industry presentation Wednesday morning at the Hyatt Regency Ballroom. The event, which ends today, attracts more than 12,000 attendees to Sacramento for workshops, the latest consumer data, and a trade show for the wine industry.
According to the Nielsen Co., wine enjoyed the third-largest dollar growth in 2010 for consumer packaged goods in the United States. Roughly 278 million cases of wine were sold domestically in 2010, up 5 million cases from the previous year. Consumers were also willing to spend more, with bottles priced $20 and up seeing a 12 percent sales growth for the latter half of 2010.
Coupled with a strong thirst for wine by the “millennial” generation, the 70 million Americans between the ages of 17 and 34, the news was welcomed as a comeback for the wine industry.