US Wine Sales Declining 🍷

American wine sales are declining.

According to the 23rd annual Silicon Valley Bank wine industry report released on Thursday, data shows a decline in wine volume sales of 2%-4%, and final value sales figures for last year are expected to “hover near 0% growth.”

The report’s author predicts a continued slow decline during 2024, although tasting room visits and direct-to-consumer sales are expected to slightly increase during the year, as will premium wine sales.