PR Newswire 15-Feb-2018 9:01 AM
ST. HELENA, Calif., Feb. 15, 2018 /PRNewswire/ --Silicon Valley Bank (SVB) released its "State of the Wine Industry 2018"report today. The 17th annual report assesses current conditions in the wine industry and provides a unique forecast based on economic and behavioral trends.
Highlights and predictions from the 2018 report show that industry sales growth is ebbing as younger consumers and retiring baby boomers impact buying behaviors and preferences, which will have implications for wineries and their direct-to-consumer marketing efforts:
"2018 will be a good year for the wine industry, and while there will still be sales growth, the rate of growth is slowing," saidRob McMillan, founder of Silicon Valley Bank's Wine Division and author of the report. "The successful wineries 10 years from now will be those that adapt to a different consumer with different values a customer who uses the internet in new and interactive ways, is frugal and has less discretionary income than their generational predecessors."
Additional findings and forecasts for 2018:
McMillan discussed the annual report and the state of the wine industry in a live videocast on January 17, 2018 with Gretchen Boock, Chief Executive Officer of Dobbes Family Estate, Mary Jo Dale, Marketing Director of the Americas for Vinventions and Nomacorc, and Paul Mabray, Director of Getemetry.com. A replay of the discussion is available here.
Read the full report here: svb.com/wine-report/
About Silicon Valley BankFor 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
Silicon Valley Bank's Wine DivisionFounded in 1994, SVB's Wine Division offers financial services and strategic advice to premium vineyards and wineries. With one of the largest banking teams in the country dedicated to the wine industry, SVB's Wine Division has offices in Napa, Sonoma and Portland, and primarily serves clients in the fine wine producing regions along the West Coast of the United States. Learn more at svb.com/premium-wine-banking/
View original content with multimedia:http://www.prnewswire.com/news-releases/silicon-valley-bank-predicts-the-us-wine-industry-is-at-the-tail-end-of-a-20-year-growth-period-300599291.html
SOURCE Silicon Valley Bank
Limited Time Offer:
Claim your free copy of income expert Bryan Perry's new report:
My Top Monthly Dividend Payer (8% Dividend Yield)
You'll also receive Bryan Perry's weekly e-letter, Dividend Investing Weekly, at no cost, along with other associated financial content and special offers.