It has been an exciting year here at The Wine & Food Foundation of Texas. We've thrown some great wine and food events, enjoyed delicious food, plus continued our mission of supporting education by awarding outstanding Chefs and Sommeliers with scholarships.
The staff found the article below featured in Wine Enthusiast Magazine (article shortened) interesting and made us wonder - what does 2011 hold? Let us know what you think.
Top 10 Wine Stories of 2010:
1) The “new normal.” Continuing to scramble the game board in the face of ongoing economic uncertainty, fewer consumers are willing to pay luxury prices, with predictable results on sales at every tier. In the U.S. market, the “sweet spot” of $12 to $15 slipped to $9 to $12 in 2009, and has remained. Anything over $20 is a tough sell.
2) Changing of the guard. Winery executives and owners are trying to figure out if they’re going to stay in the game or sell out, especially family businesses wondering if the next generation is going to take things on.
3) European wine flexes its marketing muscle. The European Union followed up the market reforms it instituted in 2008 with the promised funding: over a four-year period, well over 828 million euros ($1.16 billion) to support the marketing of European wine.
4) Continued export growth for Argentina and Chile. Argentinean Malbec has been the hot wine of the year.
5) Climate change. France is dry, Portugal is hot and California is cold: six consecutive years of chilly vintages with 2010 being the coldest ever or nearly so.
6) Green wines.
7) Exchange rate fluctuations.
8) Oversupply. Wine in oversupply in various parts of the world and price segments are making this a buyer’s market, but at a time when consumers struggle for a sense of economic security.
9) Château Lafite-Rothschild in Asia. Vintages of this iconic winery have become an outsized status symbol above and beyond the other first growths in Asia, the most visible symbol of the way the bottomless pockets of Asia’s elites have vaulted the prices for Bordeaux 2009 top growths into the stratosphere.
10) State sales of alcoholic beverages. At least four states are considering an end to their state-run liquor stores, but if Washington State is typical, no change will happen soon.
To read the full article, please click here.
Happy Holidays to you and your family!