Since the COVID-19 pandemic, the global wine industry has experienced significant changes. While overall consumption has declined, there is a notable shift in purchasing trends, with consumers opting for more expensive, high-end bottles. This new direction is being eagerly embraced by upscale restaurants worldwide.
“Post-pandemic, fine wine consumption is focused on quality over quantity, with younger, knowledgeable consumers seeking heritage, authenticity, and memorable dining experiences,” said Caroline Meesemaecker, CEO of Wine Services, as highlighted in the Douglas Elliman Knight Frank Wealth Report.
In 2024, global wine consumption dropped 12% compared to its peak in 2007, while production levels continue to decrease. The Wealth Report also pointed to challenges facing both foreign and domestic vineyards, particularly with concerns surrounding President Donald Trump’s policies. Internationally, there is apprehension that tariffs could harm sales, while U.S. farmers face labor shortages as a result of anti-immigration policies.
Despite these hurdles, the demand for premium wines remains strong, especially in high-end restaurants located in major cities around the world. Although overall consumption is down, these establishments are seeing higher spending per bottle, signaling a trend towards more selective luxury experiences.
“Restaurants are seeing stable volumes but higher spend per bottle, ushering in a new era of selectivity and luxury,” Meesemaecker explained. “The $1,000+ segment is surging with demand from collectors and investors for prestigious labels like La Tâche, Pétrus, Domaine de la Romanée-Conti, and Harlan Estate.”
This shift marks a new market dynamic where both affordable luxury and ultra-rare investments are shaping the future of the industry, while mid-tier spending remains largely stagnant.
The full report continues with insights into the top cities for fine wine enthusiasts, based on the findings of the Douglas Elliman Knight Frank Wealth Report.
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