Silicon Valley Bank (SVB), one of the largest providers of financial services to wine producers, has released its 2021 State of the Wine Industry Report. The annual report predicted a strong consumer demand that gains momentum throughout 2021 as the hospitality, travel, and entertainment industries rebound. The bank expects retailers with an E-commerce strategy will have a strong 2021 and online sales could represent 20% of winery sales within five years. But wine sales through restaurant channels are not expected to recover to pre-COVID levels for a few years.
Additionally, SVB submits that the wine industry will need a marketing organization to deliver a unified national consumer message as wine sales across all price segments have been in decline over the past few years.
Source: Wine Industry Advisor, January 2021