Consumers' annual income could determine the amount of money they spend on a bottle wine says the Walstreet Journal.
Mid-tier consumers who fall in the $50,000 to $100,000 income range is "selectively deselecting" in what Thom Blischok, president of IRI Innovating and Consulting, called a "substitution strategy." They're choosing to trade-down and buy cheaper wines.
People who earn $100,000 and above are "deprioritizing." They are "asking themselves, 'Do I really need a $100 bottle of wine? Wouldn't a $40 bottle do,'" said Blischok.
Wine & Spirits Daily