High inflation and bountiful grape harvests cause an unusual effect in Europe: there’s a lot of wine
A decrease in the average disposable income of consumers living in the 27 countries in Europe that make up the monetary union known as the “euro zone” (and officially called the euro area) resulted in something that rarely happened. Seen: There is an abundance of wine in the Old Continent. This is because the sizable reduction in earnings was mainly due to higher inflation there, and despite estimates that it would be between 5.6% and 5.8% in 2023 (so, down from the 7.9% recorded in 2022). below) still well above the 2% target set by the European Central Bank for that year, eventually combined with a normalized increase in the price of drinks paid for by the end consumer.
Add to this the fact that the last harvest of wine grapes in the wineries of these countries, which ended in January, was one of the largest in history, so that an unusual scenario with an overabundance of all kinds of wine bottles becomes the same. More clear. On the other hand, “prime” types, such as the French Gerard Bertrand, generally continue to sell, because in this case their buyers belong to the segment of the population at the top of the social pyramid that is rarely influenced by them. Market fluctuations.
But not everything is bad news. Other grape-derived drinks, such as the spritz – also cheap, low-alcohol and caloric compared to traditional wine – are cropping up in European supermarkets. In fact, a new brand of spritz recently launched in the United States, where it’s getting great results, will soon be on their shelves: it’s Jennifer Lopez’s new off-stage venture Dellola, which has taken the lead in making it. Because it comes in a more “low-carb” style drink.
