Three-quarters of the wineries in SVB's Peer Group Financial Database saw an increase in revenue, the bank said.
Tasting room purchases increased in most wine regions. The wine club also accounted for a larger portion of sales for the average winery. Additionally, wineries producing under 5,000 cases reported that their direct-to-consumer sales continued to grow and now make up 81% of total sales, SVB said. The average bottle price also saw growth, and most regions reported an increase in volume. This is especially noteworthy for the west coast, which experienced three consecutive years of light red wine yields.
Silicon Valley Bank will be releasing it's 12th Annual DTC Survey Results: Report, and Benchmarks on Wednesday, Aug. 16th at 12 noon EDT. That report release will take place live via a Zoom webcast.
This year's panel will feature:
- Rob McMillan – EVP & Founder, Silicon Valley Bank Wine Division
- Jessica Kogan – Chief Growth and Experience Officer at Vintage Wine Estates
- Andrew Walleck – Chief Operating Officer at Wine Access, Inc.
- Susan DeMatei – President/Founder of WineGlass Marketing
RSVP today to receive priority access to the links to the live event, the 2023 Direct-to-Consumer Wine Survey Report, and the on-demand event replay.