Wine Prices Expected to Drop to Lowest Point in 5 Years

Red Wine Bottles Arranged On Shelves In Store

This is great news to read on National Drink Wine Day!

The price of wine is expected to drop to its lowest point in five years, CNN reports. The drop comes from a surplus of California grapes, combined with a decrease in demand, and experts believe the dip could last for as many as three years.

Rob McMillan, founder of Silicon Valley Bank's Wine Division, predicts consumers could see "the best wine retail values in 20 years." Vineyards in California began ramping up their output in 2016, and they've also gotten more efficient at harvesting. Allied Grape Grower president Jeff Bitter said the wine sales slowdown caught the industry by surprise after decades of growth.

"In this case, we overshot demand," he said. McMillan says that millennials have yet to embrace wine drinking, and thinks that improved value on wine could lead to millennials becoming "more consistent wine buyers."

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