{"id":413971,"date":"2021-01-13T08:03:47","date_gmt":"2021-01-13T13:03:47","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=413971"},"modified":"2021-01-13T08:03:47","modified_gmt":"2021-01-13T13:03:47","slug":"silicon-valley-bank-predicts-the-wine-industry-will-see-a-spike-in-demand-when-consumers-celebrate-postponed-life-events-in-2021","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/silicon-valley-bank-predicts-the-wine-industry-will-see-a-spike-in-demand-when-consumers-celebrate-postponed-life-events-in-2021\/","title":{"rendered":"Silicon Valley Bank Predicts the Wine Industry Will See a Spike in Demand When Consumers Celebrate Postponed Life Events in 2021"},"content":{"rendered":"<div class=\"xn-newslines\">\n<h2 class=\"xn-hedline\">20th annual report indicates changes to wine sales in a post-COVID world<\/h2>\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">NAPA, Calif.<\/span>, <span class=\"xn-chron\">Jan. 13, 2021<\/span> \/PRNewswire\/ &#8212; <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3035693-1&amp;h=21984407&amp;u=https%3A%2F%2Fwww.svb.com%2F%3Futm_campaign%3D2020-01-wine-report%26utm_source%3Dpressrelease%26utm_medium%3Dpr&amp;a=Silicon+Valley+Bank\" rel=\"nofollow noopener noreferrer\">Silicon Valley Bank<\/a>\u00a0(SVB), the bank of the world&#8217;s most innovative companies and their investors,\u00a0today released its 2021 <i><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3035693-1&amp;h=2951888072&amp;u=https%3A%2F%2Fwww.svb.com%2Fwine-report&amp;a=State+of+the+Wine+Industry+Report\" rel=\"nofollow noopener noreferrer\">State of the Wine Industry Report<\/a><\/i>. Now in its 20<sup>th<\/sup> year, this authoritative annual report assesses current conditions in the wine industry and provides a unique forecast for the year ahead based on proprietary research and economic and behavioral trends. <\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/133147\/silicon_valley_bank_logo.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/133147\/silicon_valley_bank_logo.jpg\" title=\"Silicon Valley Bank logo. (PRNewsFoto\/Silicon Valley Bank)\" alt=\"Silicon Valley Bank logo. (PRNewsFoto\/Silicon Valley Bank)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>Highlights and predictions from the 2021 wine industry conditions survey and report:<\/p>\n<ul type=\"disc\">\n<li>As the hospitality, travel and entertainment industries rebuild, there will be strong consumer demand and a bounce in overall sales that will gain momentum in 2021, but may not be sustainable into 2022. <\/li>\n<li>The wine sales growth rate across all price segments has been declining for many years. The wine industry will need a national marketing organization to deliver a unified consumer message.<\/li>\n<\/ul>\n<p>\n        <b>Price<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Overall bottle pricing should hold in both off- and on-premise sales, as well as in the direct-to-consumer channels, as demand for alcohol and special occasions undergoes a temporary growth spurt in 2021. <\/li>\n<li>Premiumization, a move to higher-priced wine, is nearing an apex but will continue into 2021 as deferred celebrations and reduced supply stall the expected change.<\/li>\n<\/ul>\n<p>\n        <b>Sales Channels<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Retailers with existing ecommerce strategies will have a strong 2021. Online sales could represent 20 percent of an average winery&#8217;s sales within 5 years. <\/li>\n<li>Surviving restaurants will come out of the pandemic financially damaged and will require investment for new revenue-generating strategies. Wine sales through restaurant channels will not recover to pre-COVID levels in 2021, nor for many years. <\/li>\n<li>Off-premise grocery sales will show year-over-year declines. <\/li>\n<li>Wineries with direct-to-consumer models will focus on COVID-era sales strategies in the front half of the year and will likely finish 2021 with strong tasting room sales. <\/li>\n<\/ul>\n<p>\n        <b>Supply<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>When 2020 totals are calculated, we forecast that <span class=\"xn-location\">California<\/span> will have crushed 3.3 million tons, resulting in the smallest harvest since 2011. The Pacific Northwest harvests in both <span class=\"xn-location\">Oregon<\/span> and <span class=\"xn-location\">Washington<\/span> will also come in smaller than normal. <\/li>\n<li>Wine supply in <span class=\"xn-location\">California<\/span> is largely in balance after starting the year with an acute over-supply. With limited growth in volume and an expected reduction in wine sold at grocery stores, a large 2021 harvest could put the industry back into a position of being over-supplied once again.<\/li>\n<\/ul>\n<p>\n        <b>Demand<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Retiring baby boomers will moderate their wine purchasing, both in price and volume, as they age. Online sales to boomers at home will be a growth channel. <\/li>\n<li>The under-40 cohorts are where the wine industry will find growth in the next decade with 30.3 million Americans crossing age 40 in the next 5 years. The wine industry has to evolve its messaging to attract this new consumer.<\/li>\n<\/ul>\n<p>&#8220;2021 will be a year of two phases for the wine industry: the continuation of a COVID-restricted mode during the first part of the year, followed by a gradual reopening of businesses and a resurgence in hospitality, travel and entertainment made possible by the success of widespread vaccinations,&#8221; said <span class=\"xn-person\">Rob McMillan<\/span>, founder of <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3035693-1&amp;h=3018104978&amp;u=https%3A%2F%2Fwww.svb.com%2Fpremium-wine-banking%2F%3Futm_campaign%3D2020-01-wine-report%26utm_source%3Dpressrelease%26utm_medium%3Dpr&amp;a=Silicon+Valley+Bank%27s+Wine+Division\" rel=\"nofollow noopener noreferrer\">Silicon Valley Bank&#8217;s Wine Division<\/a> and author of the report.<\/p>\n<p>&#8220;Those wineries that evolved in 2020, were creative in their sales channels, and recognize the permanent societal changes that will impact the industry forever will be successful in meeting the anticipated demand post-vaccine and beyond.&#8221;<\/p>\n<p>SVB will host a live videocast with <span class=\"xn-person\">Rob McMillan<\/span> to discuss the annual report and the state of the wine industry on <span class=\"xn-chron\">January 13, 2021<\/span> at <span class=\"xn-chron\">9:00 a.m. PT<\/span> with <span class=\"xn-person\">Amy Hoopes<\/span>, President of Wente Family Estates; <span class=\"xn-person\">Devin Joshua<\/span>, Managing Director of Merryvale Vineyards; <span class=\"xn-person\">Erik McLaughlin<\/span>, CEO of Metis; and <span class=\"xn-person\">Paul Mabray<\/span>, CEO of Pix.wine. Register for the live event <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3035693-1&amp;h=1670205090&amp;u=http%3A%2F%2Fevents.svb.com%2Fsvbstateofthewineindustry%3Futm_source%3DJulia%26utm_medium%3Dpress%2520release%26utm_term%3Dwine%26utm_content%3Dpress%2520release&amp;a=here\" rel=\"nofollow noopener noreferrer\">here<\/a>.\u00a0A replay of the discussion will be available after the event.<\/p>\n<p>Read the full <i>2021 State of the Wine Industry<\/i> report here: <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3035693-1&amp;h=597025720&amp;u=https%3A%2F%2Fwww.svb.com%2Fwine-report%2F%3Futm_campaign%3D2021-01-wine-report%26utm_source%3Dpressrelease%26utm_medium%3Dpr&amp;a=svb.com%2Fwine-report\" rel=\"nofollow noopener noreferrer\">svb.com\/wine-report<\/a><\/p>\n<p>\n        <b>About Silicon Valley Bank<\/b>\n      <\/p>\n<p>For more than 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 <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3035693-1&amp;h=2721531093&amp;u=https%3A%2F%2Fwww.svb.com%2F%3Futm_campaign%3D2021-01-wine-report%26utm_source%3Dpressrelease%26utm_medium%3Dpr&amp;a=svb.com\" rel=\"nofollow noopener noreferrer\">svb.com<\/a>. <\/p>\n<p>\n        <b>Silicon Valley Bank&#8217;s Wine Division<\/b>\n      <\/p>\n<p>Founded in 1994, SVB&#8217;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&#8217;s Wine Division has offices in <span class=\"xn-location\">Napa<\/span>, <span class=\"xn-location\">Sonoma<\/span> and <span class=\"xn-location\">Portland<\/span>, and primarily serves clients in the fine wine producing regions along the West Coast of <span class=\"xn-location\">the United States<\/span>. Learn more at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3035693-1&amp;h=4121645903&amp;u=https%3A%2F%2Fwww.svb.com%2Fpremium-wine-banking%2F%3Futm_campaign%3D2021-01-wine-report%26utm_source%3Dpressrelease%26utm_medium%3Dpr&amp;a=svb.com%2Fpremium-wine-banking%2F\" rel=\"nofollow noopener noreferrer\">svb.com\/premium-wine-banking\/<\/a><\/p>\n<p>\u00a0<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=SF47073&amp;sd=2021-01-13\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/silicon-valley-bank-predicts-the-wine-industry-will-see-a-spike-in-demand-when-consumers-celebrate-postponed-life-events-in-2021-301207294.html\">http:\/\/www.prnewswire.com\/news-releases\/silicon-valley-bank-predicts-the-wine-industry-will-see-a-spike-in-demand-when-consumers-celebrate-postponed-life-events-in-2021-301207294.html<\/a><\/p>\n<p>SOURCE  Silicon Valley Bank<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=SF47073&amp;Transmission_Id=202101130800PR_NEWS_USPR_____SF47073&amp;DateId=20210113\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>20th annual report indicates changes to wine sales in a post-COVID world PR Newswire NAPA, Calif., Jan. 13, 2021 \/PRNewswire\/ &#8212; Silicon Valley Bank\u00a0(SVB), the bank of the world&#8217;s most innovative companies and their investors,\u00a0today released its 2021 State of the Wine Industry Report. Now in its 20th year, this authoritative annual report assesses current conditions in the wine industry and provides a unique forecast for the year ahead based on proprietary research and economic and behavioral trends. Highlights and predictions from the 2021 wine industry conditions survey and report: As the hospitality, travel and entertainment industries rebuild, there will be strong consumer demand and a bounce in overall sales that will gain momentum in 2021, but may not be &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/silicon-valley-bank-predicts-the-wine-industry-will-see-a-spike-in-demand-when-consumers-celebrate-postponed-life-events-in-2021\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Silicon Valley Bank Predicts the Wine Industry Will See a Spike in Demand When Consumers Celebrate Postponed Life Events in 2021&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-413971","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Silicon Valley Bank Predicts the Wine Industry Will See a Spike in Demand When Consumers Celebrate Postponed Life Events in 2021 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/silicon-valley-bank-predicts-the-wine-industry-will-see-a-spike-in-demand-when-consumers-celebrate-postponed-life-events-in-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Silicon Valley Bank Predicts the Wine Industry Will See a Spike in Demand When Consumers Celebrate Postponed Life Events in 2021 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"20th annual report indicates changes to wine sales in a post-COVID world PR Newswire NAPA, Calif., Jan. 13, 2021 \/PRNewswire\/ &#8212; Silicon Valley Bank\u00a0(SVB), the bank of the world&#8217;s most innovative companies and their investors,\u00a0today released its 2021 State of the Wine Industry Report. Now in its 20th year, this authoritative annual report assesses current conditions in the wine industry and provides a unique forecast for the year ahead based on proprietary research and economic and behavioral trends. Highlights and predictions from the 2021 wine industry conditions survey and report: As the hospitality, travel and entertainment industries rebuild, there will be strong consumer demand and a bounce in overall sales that will gain momentum in 2021, but may not be &hellip; Continue reading &quot;Silicon Valley Bank Predicts the Wine Industry Will See a Spike in Demand When Consumers Celebrate Postponed Life Events in 2021&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/silicon-valley-bank-predicts-the-wine-industry-will-see-a-spike-in-demand-when-consumers-celebrate-postponed-life-events-in-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-13T13:03:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/133147\/silicon_valley_bank_logo.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/silicon-valley-bank-predicts-the-wine-industry-will-see-a-spike-in-demand-when-consumers-celebrate-postponed-life-events-in-2021\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/silicon-valley-bank-predicts-the-wine-industry-will-see-a-spike-in-demand-when-consumers-celebrate-postponed-life-events-in-2021\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Silicon Valley Bank Predicts the Wine Industry Will See a Spike in Demand When Consumers Celebrate Postponed Life Events in 2021\",\"datePublished\":\"2021-01-13T13:03:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/silicon-valley-bank-predicts-the-wine-industry-will-see-a-spike-in-demand-when-consumers-celebrate-postponed-life-events-in-2021\\\/\"},\"wordCount\":791,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/silicon-valley-bank-predicts-the-wine-industry-will-see-a-spike-in-demand-when-consumers-celebrate-postponed-life-events-in-2021\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/133147\\\/silicon_valley_bank_logo.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/silicon-valley-bank-predicts-the-wine-industry-will-see-a-spike-in-demand-when-consumers-celebrate-postponed-life-events-in-2021\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/silicon-valley-bank-predicts-the-wine-industry-will-see-a-spike-in-demand-when-consumers-celebrate-postponed-life-events-in-2021\\\/\",\"name\":\"Silicon Valley Bank Predicts the Wine Industry Will See a Spike in Demand When Consumers Celebrate Postponed Life Events in 2021 - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/silicon-valley-bank-predicts-the-wine-industry-will-see-a-spike-in-demand-when-consumers-celebrate-postponed-life-events-in-2021\/","og_locale":"en_US","og_type":"article","og_title":"Silicon Valley Bank Predicts the Wine Industry Will See a Spike in Demand When Consumers Celebrate Postponed Life Events in 2021 - Market Newsdesk","og_description":"20th annual report indicates changes to wine sales in a post-COVID world PR Newswire NAPA, Calif., Jan. 13, 2021 \/PRNewswire\/ &#8212; Silicon Valley Bank\u00a0(SVB), the bank of the world&#8217;s most innovative companies and their investors,\u00a0today released its 2021 State of the Wine Industry Report. Now in its 20th year, this authoritative annual report assesses current conditions in the wine industry and provides a unique forecast for the year ahead based on proprietary research and economic and behavioral trends. Highlights and predictions from the 2021 wine industry conditions survey and report: As the hospitality, travel and entertainment industries rebuild, there will be strong consumer demand and a bounce in overall sales that will gain momentum in 2021, but may not be &hellip; Continue reading \"Silicon Valley Bank Predicts the Wine Industry Will See a Spike in Demand When Consumers Celebrate Postponed Life Events in 2021\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/silicon-valley-bank-predicts-the-wine-industry-will-see-a-spike-in-demand-when-consumers-celebrate-postponed-life-events-in-2021\/","og_site_name":"Market Newsdesk","article_published_time":"2021-01-13T13:03:47+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/133147\/silicon_valley_bank_logo.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/silicon-valley-bank-predicts-the-wine-industry-will-see-a-spike-in-demand-when-consumers-celebrate-postponed-life-events-in-2021\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/silicon-valley-bank-predicts-the-wine-industry-will-see-a-spike-in-demand-when-consumers-celebrate-postponed-life-events-in-2021\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Silicon Valley Bank Predicts the Wine Industry Will See a Spike in Demand When Consumers Celebrate Postponed Life Events in 2021","datePublished":"2021-01-13T13:03:47+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/silicon-valley-bank-predicts-the-wine-industry-will-see-a-spike-in-demand-when-consumers-celebrate-postponed-life-events-in-2021\/"},"wordCount":791,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/silicon-valley-bank-predicts-the-wine-industry-will-see-a-spike-in-demand-when-consumers-celebrate-postponed-life-events-in-2021\/#primaryimage"},"thumbnailUrl":"https:\/\/mma.prnewswire.com\/media\/133147\/silicon_valley_bank_logo.jpg","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/silicon-valley-bank-predicts-the-wine-industry-will-see-a-spike-in-demand-when-consumers-celebrate-postponed-life-events-in-2021\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/silicon-valley-bank-predicts-the-wine-industry-will-see-a-spike-in-demand-when-consumers-celebrate-postponed-life-events-in-2021\/","name":"Silicon Valley Bank Predicts the Wine Industry Will See a Spike in Demand When Consumers Celebrate Postponed Life Events in 2021 - 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