SVB’s annual wine-business report makes emphatic plea for industry change W ine businesses must adapt to changing consumer habits, or go the way of the wine cooler, warns industry watchdog Rob McMillan. McMillan’s the founder and executive vice president of the Silicon Valley Bank Wine Division, which produces its annual State of the U.S. Wine Industry report, an influential overview of the coming year’s economic trends for industry markets, consumers and producers. As it has in recent years, the 2024 report homes in on a few concerning market trends: decreasing Gen Z and millennial consumers, post-COVID downturn in overall sales, and the drop in demand for discount wines. By Jason Walsh State of the Grape
March 2024
NorthBaybiz 19
Made with FlippingBook Ebook Creator