PARIS — Is the world drowning its sorrows in cheap wine?
An industry group said Thursday that more wine could be consumed globally this year, thanks to crisis-fueled demand for cheaper or discounted tipples, particularly in the United States.
While that might benefit some low-end producers, the organization's director cautioned wine growers to resist what he called the "massive pressure on prices," which erodes profits."If you cut too much, it's difficult to go back to your original price," Federico Castellucci told The Associated Press.
After years of steady growth, global wine consumption started to retreat last year, along with the rest of the world economy.
The International Organization of Vine and Wine said that erosion may have halted as wine growers battled to maintain sales volumes by cutting prices and as more wine is sold in bulk.
To read the full story, click here.
An industry group said Thursday that more wine could be consumed globally this year, thanks to crisis-fueled demand for cheaper or discounted tipples, particularly in the United States.
While that might benefit some low-end producers, the organization's director cautioned wine growers to resist what he called the "massive pressure on prices," which erodes profits."If you cut too much, it's difficult to go back to your original price," Federico Castellucci told The Associated Press.
After years of steady growth, global wine consumption started to retreat last year, along with the rest of the world economy.
The International Organization of Vine and Wine said that erosion may have halted as wine growers battled to maintain sales volumes by cutting prices and as more wine is sold in bulk.
To read the full story, click here.
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