A Harsh Pill to Swallow: 2024 SVB Report Predicts Tough Times for Wine
There is very little good news in this year’s Silicon Valley Bank State of the Wine Industry report, released earlier today during the bank’s annual report webinar.
Rob McMillan
The 23rd annual survey of wine industry conditions, written by Silicon Valley Bank Wine Division founder Rob McMillan, is blunt. McMillan doesn’t expect the U.S. economy to slide into recession this year — and yes, some premium wineries should be able to take small price increases in 2024 — but save for possible good news about tasting room visits and direct-to-consumer sales, most of the rest of the findings are glum. And then some.
The webinar’s panelists included Jen Locke, CEO of Crimson Wine Group; Ed Thralls, SVP of Enolytics; and wine tech guru Paul Mabray.
