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January 29, 2014 | 4:18 PM

When Morgan Stanley released an article reporting a global wine shortage, it incited a bit of panic from consumers. While there definitely were shortages in France and Italy, it wasn’t mentioned in the article that Spain and California had quite large harvests in the last two years, and there were no supply concerns in the two countries. Mike Veseth of The Wine Economist Blog and The University of Puget Sound in Washington, explained that there were five lessons the wine industry learned from this “Great Global Wine Shortage Panic” in the “State of the Industry” General Session at the Unified Wine & Grape Symposium on Wednesday.

Five Lessons We Can Learn From the Crisis

1. There is a global wine market
This was a good wake-up call in that, although most wine consumers will stick to regions close to home, there are other regions that produce wine and sell globally, and that has an impact on the worldwide wine market.

2. It’s not ONE global market
“Globalization adapts to its own terroir.” There are still differences in how each market reacts and builds

3. It’s complicated
It’s easy to make the mistake of thinking that there is a “wine crisis” because the wine markets are surprisingly complex. It’s not just about what one winery does that affects the market – it’s what everyone else can do.

4. Shifting Center, Rising Tide
The global wine market is always changing and moving. We have a new New World: China, India, etc., making the New World the new Old World. In sub-Saharan Africa, for example, there is a strong luxury, super premium wine market. In the United States, demographics are shifting—there are many more Hispanic consumers, wines aren’t considered special occasion beverages anymore—and that means there are new markets, new opportunities and new challenges.

5. Adapting to change
Globalization is more than being just more connected to others—it means global products, strategies, impacts and interdependence.

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