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Welcome in everyone.

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Ready to uncork some knowledge about the US wine world.

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Oh, absolutely.

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Today's deep dive is all about separating hype from reality

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in a market that's valued at, get this,

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over $107 billion.

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Wow.

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We're swirling, sniffing, and analyzing the trends

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shaping the future of this industry,

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all thanks to the 2024 BMO Wine Market Report.

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Yeah, this report is fascinating.

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It doesn't just tell us what's happening,

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but it really dies into the why.

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We're talking economics, consumer behavior,

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the whole dance between supply and demand.

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It's a lot more complex than it might seem at first glance.

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Right.

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I mean, $107 billion, that's a serious chunk of change.

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But the report doesn't just celebrate the wins,

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it gets real about the challenges too.

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Turns out 2023 wasn't all vineyard sunsets

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and celebratory toasts.

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Yeah, not quite.

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Not quite.

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Remove those supply chain disruptions that

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seem to impact, well, everything.

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Yeah, the wine industry definitely

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felt the ripple effects.

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On top of that, consumer habits post-pandemic, right?

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That threw another curve ball.

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We saw a bit of an inventory hangover.

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OK, got to admit, inventory hangover

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is a term I haven't heard before.

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OK.

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What exactly does that have?

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OK, so imagine this.

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Empty shelves during the pandemic.

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Yeah.

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Everyone's stocking up.

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Distributors, consumers, it's the apocalypse.

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Turns out, collectively, maybe we overdid it.

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So like when I thought I needed a whole case of Cabernet

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to get through lockdown.

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Exactly.

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Yeah, I see where you're going with this.

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Right.

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And now those overstock sellers, they're impacting the market.

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Here's the kicker.

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Even though total wine volume dipped in 2023,

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the amount of money spent on wine actually went up.

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Hold on.

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We're spending more but drinking less.

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Yeah.

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Help me understand this.

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It feels like a paradox.

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Yeah, it's a key insight.

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And it suggests this fascinating shift,

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I think, in consumer behavior.

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The report points to a couple of possibilities, right?

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Maybe people are just becoming more

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discerning about their wine.

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They're opting for quality over quantity.

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Or maybe those pricier bottles, they're

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fulfilling this desire for something

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special in a world that's felt, well, anything

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but normal these days, right?

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Yeah.

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Either way, I think it makes you wonder,

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what does this say about how we view and value wine now?

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It really makes you think, are we after taste or status

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or experience or maybe a bit of all three, right?

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Right.

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Right.

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This is where things get really interesting.

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OK, so we're spending more on fewer but fancier bottles.

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Right.

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But who exactly is the modern wine drinker?

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Are we all becoming sommeliers in training

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or is there more to the story?

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Well, it's funny you should ask.

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What's fascinating here is this generational changing

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of the guard.

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OK.

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You know what I mean?

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The report breaks down wine consumption by generation.

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Oh, right.

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And it turns out baby boomers, the generation that really

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embraced wine early on, they're actually

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drinking less as they age.

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Makes total sense.

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Priorities shift.

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Right.

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My parents are all about herbal tea these days.

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Yeah.

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You can barely get them to split a bottle at dinner.

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It's so relatable, right?

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Totally.

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And it's not just your parents.

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This trend of boomers drinking less is pretty widespread.

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Stepping in to fill their glasses,

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we've got Gen X millennials, Gen Z.

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OK.

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These generations now make up the majority of wine drinkers.

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Wow.

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Which has a big impact on the types of wines

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we're seeing on the shelves these days.

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That's a powerful shift.

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So what are these younger generations

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looking for in their wine?

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I mean, are we talking bolder flavors, Instagrammable labels,

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a deeper focus on sustainability?

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Yeah.

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What's the vibe?

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All of the above.

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I mean, this younger demographic,

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they're definitely more experimental, right?

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OK.

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More open to trying new things, new flavors, natural wines,

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orange wines.

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They're also more concerned with sustainability

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and ethical sourcing.

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Right.

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Wanting to know where their wine comes from, how it's made.

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And they're also interested in the story behind the bottle.

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Right.

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The place.

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It's like that craft beer boom.

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Yes.

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Smaller batches, more experimentation,

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a focus on quality ingredients, and a story in every sip.

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Exactly.

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Got it.

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Now, while we're talking trends, we

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can't forget about the sober curious movement.

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Oh, yeah.

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Right?

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It's everywhere these days.

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Oh, yeah.

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That's definitely a thing.

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Mocktail bars, zero proof spirits, even wine alternatives

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are popping up left and right.

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Yeah.

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I've even dabbled in some of those myself.

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Right.

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So with all this talk of mindful drinking,

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are people actually drinking less alcohol overall?

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You know, that's where the daily gets a bit tricky.

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OK.

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Well, the sober curious movement is definitely having a moment.

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Right.

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Overall, alcohol consumption in the US

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has stayed relatively stable.

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Interesting.

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Yeah, it makes you wonder, are people just being less honest

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about their drinking habits when they're surveyed?

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You know, there's a lot of social pressure

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around alcohol these days.

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So maybe the surveys aren't capturing the full picture.

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It's like the unspoken pressure to always be on, even

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with our drinking choices.

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Yeah, totally.

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Maybe opting for a mocktail is the new it drink,

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at least publicly.

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Yeah.

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But back to those high end sippers we talked about earlier.

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OK.

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The report mentioned that almost a third of wine drinkers

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are regularly shelling out over $20 a bottle.

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Wow.

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That's a testament to the power of a good cabernet, right?

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It really is.

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Yeah.

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But I think it goes beyond just the wine itself, right?

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OK.

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This willingness to spend more on a single bottle

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speaks to, I think, a growing sophistication

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in the American palate.

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OK.

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A desire for quality.

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Yeah.

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And a sense of adventure.

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You know?

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Yeah.

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People are willing to invest in experiences,

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even if it means buying one less bottle overall.

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I can definitely relate to that.

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Sometimes it's about treating yourself

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to something special, something you'll

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really savor and remember.

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Exactly.

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Yeah.

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Now, beyond generational shifts and spending habits,

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what I find most encouraging is that the face of the wine

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drinker is changing.

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In what way?

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It's becoming more diverse.

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OK.

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Reflecting the broader demographic shifts

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that we're seeing in the US.

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So it's not just about age or how much you spend.

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It's about inclusivity.

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Exactly.

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Wine becoming more accessible and appealing

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to a wider range of people.

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That's something to raise a glass to.

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Absolutely.

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And speaking of those crafting the wine,

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let's turn our attention to the winery themselves.

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OK.

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What are their thoughts on all these changes?

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Right.

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What keeps them up at night?

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Let's find out.

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We've talked about the changing tastes of wine drinkers,

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this evolving market.

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Right.

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But what about the people behind the scenes,

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those growing the grapes, crafting these vintages?

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Yeah.

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What's their perspective on this whole shifting landscape?

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Well, despite all these challenges, the report,

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it actually reveals a surprising amount of optimism

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among US wineries.

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OK.

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The majority are actually feeling pretty

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positive about the future.

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That's encouraging to hear.

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Yeah.

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I imagine it takes a certain resilience

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to weather the storms in an industry

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as dynamic as winemaking.

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Absolutely.

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I mean, these are people who understand

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the ebb and flow of nature, the unpredictable dance of supply

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and demand.

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Right?

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But their optimism also, I think,

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speaks to their incredible ability to adapt and innovate.

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Right.

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It makes you appreciate that bottle of wine even more,

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knowing the passion and dedication

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that went into crafting it.

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Absolutely.

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Yeah.

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Wow.

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Now, that's not to say that every corner of the industry

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is experiencing the same level of success.

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Right.

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The report kind of highlights that wineries

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in different regions are seeing varying degrees of growth.

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OK.

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For instance, those on the Central Coast

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and in the Pacific Northwest, they

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seem to be particularly well positioned these days.

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That's interesting.

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I wouldn't have necessarily guessed those regions

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would be leading the pack.

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Yeah.

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What's driving their success?

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It's a confluence of factors, right?

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Local tourism plays a role, right?

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As does, I think, the growing reputation

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of the specific wines produced in those areas.

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It really underscores how much location or terroir,

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as it's called in the wine world,

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really influences a winery's success.

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Terroir, that magical combination

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of soil, climate, everything else that makes a wine unique.

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Precisely.

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Yeah.

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Now, beyond those regional differences,

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the report also highlights a shift

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in how wineries are getting their bottles

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into the hands of eager consumers.

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OK.

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We're seeing this rise in direct to consumer sales,

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particularly among smaller wineries.

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Direct to consumer, you mean like those wine clubs

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that you hear about or wineries selling directly

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from their tasting rooms?

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Exactly.

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Exactly.

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It's a way for smaller wineries, those producing

284
00:09:08,320 --> 00:09:10,960
limited quantities of really specialized wines,

285
00:09:10,960 --> 00:09:13,040
to kind of bypass those traditional distribution

286
00:09:13,040 --> 00:09:17,680
channels and really forge this more personal connection

287
00:09:17,680 --> 00:09:19,400
with their customers.

288
00:09:19,400 --> 00:09:20,440
Yeah, that makes sense.

289
00:09:20,440 --> 00:09:23,640
It's like having this direct line to the source.

290
00:09:23,640 --> 00:09:26,160
You're getting access to exclusive vintages

291
00:09:26,160 --> 00:09:28,240
you might not find anywhere else.

292
00:09:28,240 --> 00:09:31,600
I can definitely see the appeal for both the winery

293
00:09:31,600 --> 00:09:32,640
and the consumer.

294
00:09:32,640 --> 00:09:34,840
Yeah, you hit the nail on the head.

295
00:09:34,840 --> 00:09:37,760
It allows the wineries to really tell their story,

296
00:09:37,760 --> 00:09:40,760
share their passion, build that loyal following.

297
00:09:40,760 --> 00:09:44,240
So is this the future of the wine industry?

298
00:09:44,240 --> 00:09:46,080
Are we all going to be getting our wine directly

299
00:09:46,080 --> 00:09:47,640
from the vineyard someday?

300
00:09:47,640 --> 00:09:49,440
That is the million dollar question.

301
00:09:49,440 --> 00:09:50,080
Right.

302
00:09:50,080 --> 00:09:51,960
It's a fascinating question.

303
00:09:51,960 --> 00:09:55,440
And to be honest, one, without an easy answer,

304
00:09:55,440 --> 00:09:58,280
while direct to consumer is definitely booning,

305
00:09:58,280 --> 00:10:02,080
particularly for those smaller boutique wineries,

306
00:10:02,080 --> 00:10:05,480
larger producers, they face this different set

307
00:10:05,480 --> 00:10:06,880
of considerations.

308
00:10:06,880 --> 00:10:11,360
They're often looking at things like new brand creation

309
00:10:11,360 --> 00:10:13,240
or line extensions.

310
00:10:13,240 --> 00:10:16,240
Think new flavor profiles, variations

311
00:10:16,240 --> 00:10:20,360
on existing products to capture market share

312
00:10:20,360 --> 00:10:22,640
in this really competitive environment.

313
00:10:22,640 --> 00:10:23,560
Line extension.

314
00:10:23,560 --> 00:10:27,520
So like a classic Cabernet Sauvignon

315
00:10:27,520 --> 00:10:29,760
getting a modern twist.

316
00:10:29,760 --> 00:10:30,360
Exactly.

317
00:10:30,360 --> 00:10:32,400
Maybe with a hint of something unexpected.

318
00:10:32,400 --> 00:10:33,720
It's about innovation, right?

319
00:10:33,720 --> 00:10:35,760
Appealing to these evolving palettes

320
00:10:35,760 --> 00:10:38,440
and staying ahead of the curve.

321
00:10:38,440 --> 00:10:42,120
But this focus on premiumization,

322
00:10:42,120 --> 00:10:45,160
on these higher priced bottles, it raises a question,

323
00:10:45,160 --> 00:10:49,040
I think, for the budget conscious wine drinkers

324
00:10:49,040 --> 00:10:50,240
among us.

325
00:10:50,240 --> 00:10:52,120
OK, you're reading my mind.

326
00:10:52,120 --> 00:10:54,720
Will we still be able to find those hidden gems,

327
00:10:54,720 --> 00:10:56,960
those delicious bottles that don't break the bank?

328
00:10:56,960 --> 00:10:59,320
Yeah, that's where the report offers,

329
00:10:59,320 --> 00:11:01,760
I think, a note of uncertainty.

330
00:11:01,760 --> 00:11:06,440
The future of those more affordable wines,

331
00:11:06,440 --> 00:11:10,200
it's a bit unclear, honestly, as production costs rise

332
00:11:10,200 --> 00:11:12,520
and consumer preferences gravitate

333
00:11:12,520 --> 00:11:14,800
towards those premium options.

334
00:11:14,800 --> 00:11:16,680
The era of the budget friendly bottle

335
00:11:16,680 --> 00:11:19,720
might be facing some headwinds here.

336
00:11:19,720 --> 00:11:21,200
It's a bittersweet thought.

337
00:11:21,200 --> 00:11:26,680
On the one hand, it's exciting to see the industry evolve,

338
00:11:26,680 --> 00:11:27,960
push boundaries.

339
00:11:27,960 --> 00:11:31,760
But on the other, I'll admit, I have a certain fondness

340
00:11:31,760 --> 00:11:35,280
for those go to bottles that never disappoint.

341
00:11:35,280 --> 00:11:36,080
Of course, yeah.

342
00:11:36,080 --> 00:11:37,760
And they're usually pretty easy on the wallet.

343
00:11:37,760 --> 00:11:38,360
That's right.

344
00:11:38,360 --> 00:11:39,000
Yeah.

345
00:11:39,000 --> 00:11:40,840
Well, as with so many things in life,

346
00:11:40,840 --> 00:11:43,440
it seems like the world of wine is in constant flux.

347
00:11:43,440 --> 00:11:44,960
Yeah.

348
00:11:44,960 --> 00:11:48,480
But that's part of what makes exploring it so fascinating.

349
00:11:48,480 --> 00:11:50,760
There's always something new to discover,

350
00:11:50,760 --> 00:11:53,880
a new vintage to savor, a new story to uncover.

351
00:11:53,880 --> 00:11:55,480
That's a beautiful way to put it.

352
00:11:55,480 --> 00:12:00,480
And as we wrap up this deep dive into the US wine industry,

353
00:12:00,480 --> 00:12:05,760
I'm struck by the resilience of the people involved,

354
00:12:05,760 --> 00:12:10,560
their passion for their craft and their unwavering dedication

355
00:12:10,560 --> 00:12:15,040
to producing this product that really brings people together.

356
00:12:15,040 --> 00:12:15,720
Cheers to that.

357
00:12:15,720 --> 00:12:17,000
Yes, cheers to that.

358
00:12:17,000 --> 00:12:21,680
And the next time you find yourself browsing the wine aisle,

359
00:12:21,680 --> 00:12:23,680
just remember what we talked about today.

360
00:12:23,680 --> 00:12:28,480
Those bottles, they represent this tapestry of history,

361
00:12:28,480 --> 00:12:32,920
innovation, and yes, even a bit of economic intrigue.

362
00:12:32,920 --> 00:12:33,680
Exactly.

363
00:12:33,680 --> 00:12:35,320
So go forth, explore those vineyards,

364
00:12:35,320 --> 00:12:38,360
whether in person or from the comfort of your own home,

365
00:12:38,360 --> 00:12:40,600
and see what treasures you uncork.

366
00:12:40,600 --> 00:12:41,400
I love it.

367
00:12:41,400 --> 00:12:41,920
Cheers.