News from the wine World
2017 was the most challenging global harvest of the century, and with adverse exchange rates, rising rates and incessant food inflation, it has never been more important to have a wine list which combines great value and inspirational ideas. We are proud to present a portfolio of great depth and quality across the spectrum, and have worked to keep price increases to a minimum.
Below is a snapshot of what is happening in the world of wine:
It was the smallest harvest for decades in Italy, France and Spain, and global production volume in 2017 is down -8% versus 2016, leaving a significant shortfall versus demand. Prices are increasing as a result, often at double-digit rates. However, by working closely with our producer partners, many of whom we have been working with for a number of generations, we have negotiated optimum pricing in spite of this pressure to ensure our leading portfolio is competitive in today’s challenging market.
France, Italy and Spain worst affected due to late Spring frosts and drought with added pressure of exchange rate. Hailstorms and frost damage across Burgundy and the Loire have massively reduced availability of key wines including Chablis and Sancerre – down 50% ‘16 + ’17. In Italy, new Pinot Grigio regulations cut yields. Prosecco also facing considerable price increases.
South America worst affected with two consecutive poor harvests. Prices will be going up across the board, mitigated slightly by exchange rate USD.
Horrific wildfires in California destroyed vines and wineries. Limited wine in Argentina, last two crops down 27% and 30%. 2017 harvest down 10% in Chile.