California prices soften
It's obvious that the recession has crippled wine sales at the high end, at least in the United States. Americans are buying as much wine as they did a year ago, though they're spending far less per bottle, and in many cases, trading bottles for boxes. For the first time in years, some California wineries with wines priced $50 and higher have been forced to offer discounts and other deals to wholesalers and retailers in order to move product. No US wine region is more under-the-microscope than Napa Valley, and rumours run rampant that its high-end Cabernet Sauvignons are being sold for ridiculously low prices. One source tells...
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