#BigAppleBusiness #ChampagneWishes Wine Becomes Latest Victim of Inflation: New Survey
Bevinars Finds Consumers Curtailing Wine Consumption
Wine prices have started to surge across the US as inflation and supply-chain issues impact the liquor and wine market.
A new survey of more than 500 wine enthusiasts found that two-thirds of consumers are feeling the pinch and are making changes to save money. Almost half said they had reduced their wine consumption at home or dining out, and others were opting for cheaper bottles or boxed wine.
"This July 4th, we are pivoting to boxed wine," said one respondent of the survey conducted by Bevinars, a leading company for virtual wine classes.
"I hate that our favorite $15 wine is now $20."
Says Bevinars founder Mark Oldman: "While the price of wine had been relatively stable compared to surging cost of fuel and groceries, we are now seeing wine in the crosshairs of massive inflationary pressures."
He says some of the largest price hikes were at restaurants.
"Restaurants have been much more aggressive in their price hikes, with increases of up to 20% at some high-end restaurants," Oldman said.
"To cut costs, I've started going to restaurants with attractive BYOB policies," said one respondent.
But consumers of luxury wines were accepting the higher costs, albeit with exasperation. "In our post-pandemic world, I'm not going to stop drinking my favorite labels," said one respondent.
The higher cost of glass, gas, and labor is fueling the increases, explains Oldman.
Aware that consumers are feeling the pinch, Oldman is set to host a Bevinars event for wine consumers titled "Inflation-Busting Summer Wines" in July.
"Hidden on many wine lists and on store shelves are what I call 'underpriced saviors,'" notes Oldman. "My goal is to empower consumers about what they are and how to find them."
"There are tricks and insider secrets consumers can employ to counteract ballooning prices."
ABOUT BEVINARS
Founded by one of the county's leading wine experts, Bevinars brings an unrivaled blend of knowledge and entertainment to the stuffy world of wine. The same "wine speak without the geek" (Bon Appétit), "five-star" (Food & Wine), "fresh, funny" (People) approach that imbues Mark Oldman's award-winning books and sold-out live events are now animating Bevinars virtual wine classes.
