The National Wine
UnClub
Blog/Newsletter
July/August 2010
Wine In Our Time
When the Dow Jones Industrials stock exchange index takes a dive the financial wizards like to call the lowered values on blue chip stocks a "correction". When the market for common goods and services falters we call it a "crisis" - probably because the US economy is so dependent on consumer spending. Recently released economic figures for the United States economy in the second quarter aren't as bad as they were in '09 but are worse than expected. What to do?
It's obvious that non-essential consumer goods will be slow-moving in a sluggish economy. If you can get by with your older sofa or your ten-year old Honda Accord then you might put new acquisitions of this kind on the back burner until times are better and you feel more flush about your financial status. Of course, we all must pay our rent or mortgage, purchase our groceries, and send our children to school properly dressed and supplied.
Wine has become more of an essential in the American household in the last twenty years although if you don't have the money to purchase a bottle of wine to augment your dining experiences then you'll serve water or iced tea instead understandably. Certainly when dining out one way of saving your hard-earned cash is by not buying wine in restaurants that might be twice to three times as expensive as your meal. That is just a pure extravagance which would take a special occasion to overlook.
However buying wine at retail or online has never been more affordable. We've been amazed at the wonderful bargains we've been seeing in the retail wine world of late and we can safely say it will be a buyers' market for the forseeable future. The most pro-active wine suppliers have reduced their margin of profit considerably to not only retain, but to build market share. We've seen some initial offers on French red and white Burgundies from properties like Jadot at price levels not seen in a decade!
The above fact has led many Americans to reduce their expense by entertaining their friends and family more often in their own homes. While we all enjoy a fine dining experience at a first-class restaurant - and business travelers haven't much of a choice - it's certain that you'll spend considerably less when you act as your own chief cook and bottle-washer! And the bonus is that the event is probably going to be more convivial when held in your own space.
One of the great things about wine in our times is that the general quality level is better than ever. Added to that is the opportunity to enjoy wine from every corner of the globe just by shopping with your favorite wine purveyor. All of the greatest producers in the world still believe that the United States is an untapped gold mine of wine consumerism. China has risen as a potential giant for wine consumption but it will probably take years for China to surpass our knowledge and interest level, as well as our ability to buy such a wide variety of wines.
Another wonderful thing about the economic situation in our country today is that attitudes here have gradually changed about how wine is consumed. Restaurant prices aside, wine is now less an occasional specialty and more a daily commodity, and when it's more affordable it becomes a choice that is more habitual for mealtime consumption quite like it is in Europe. As an example, we were quite surpised at how much wine was purchased from us over the recent 4th of July weekend. What has been traditionally a beer-oriented holiday is now becoming more wine friendly it seems.
So our advice to our wine friends at this time is to take advantage of falling prices on the vast variety of fine wine now available in the market. It might even be a good time to stock up a bit because we don't believe these bargains will exist in perpetuity. Eventually prices will have to rise because if they don't many wineries will be forced out of business, a nasty trend that is already a well-known fact of life in California.
Cheers!
Captain Vino