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Keep calm, but a global wine shortage is looming.
Before you start freaking out and stocking up, this is why the shortage is occurring.
Italy, France and Spain, countries that produce most of the world’s wine, have experienced extreme weather conditions which have lead to low harvests.
The Organisation of Vine and Wine revealed that 2017 has been one of the lowest years of production in history, falling 8.2 per cent compared to last year.
But there’s more bad news. The low harvest doesn’t only mean less wine, but more expensive wine too.
“We still foresee a dramatic decline in wine availability going into 2018,” Stephen Rannekleiv, global beverages strategist at Rabobank, told CNNMoney. “We expect the decline [in consumption] to be felt most tangibly in the lower-priced tiers.”
However, other are arguing that prices won’t change but wineries and wine producers keep bulk stock incase anything like this was to happen.
Cheers?!
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