5 Trends Impacting the Wine & Spirits Industry in 2023

The last several years have been a roller coaster for many industries, including wine and spirits. And as we head into 2023, that roller coaster will continue. The challenges that the industry is facing include:

• Production prices are rising
• Direct-to-consumer channels are becoming more important for revenue
• Restaurants are still recovering from pandemic closures

In addition, the wine and spirits industry needs to find a way to tap into the buying power of millennials. In order to do so, the industry will have to rely on showcasing its values, augmented reality, and of course, a high-quality product.
As we look ahead to 2023, expect companies to invest in technology, analyze how to reduce production and transportation costs, and invest in partnerships and marketing strategies to capture larger millennial customers as well as direct-to-consumer subscribers.
Let’s take a deeper look at the trends impacting the industry in 2023.

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