(CNN Business)Let's raise our glasses and toast to cheaper wine.
The price of wine is expected to drop to its lowest levels in five years thanks, in part, to a surplus of California grapes.
Combined with a decreased demand for wine, drinkers can expect to get better value for every drop they drink this year. The cheaper prices may even last up to three years.
The main cause of oversupply today is the culmination of a few years of slowing wine shipment growth, with an ample 2018 wine grape crop as an exclamation point," Bitter said. "Until 2015, wine shipments had grown, almost predictively, for two decades. The slowdown in growth has caught the industry by surprise.
Wine consumption has dropped for the first time in 25 years, with more Americans turning to liquor and ready-to-drink cocktails, according to industry group IWSR.
The price of wine is dropping fast
Let's raise our glasses and toast to cheaper wine.
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Do you drink wine, Era?