The cost of wine is set to increase following the summer drought in Spain and Italy, according to the latest pricing intelligence.
Consumers will soon have to pay more for a bottle of wine due to the effect of the summer’s drought on vines in wine-producing regions along the Mediterranean. Analysts have predicted that the price of a standard bottle of wine could rise by as much as ten per cent due to the dry European summer. Spain’s harvest of grapes is predicted to be 40 per cent lower than in 2011. Italy’s crop is expected to be eight per cent lower than last year; there are fears that it will be the second smallest harvest in the country since 1950. The news means that shoppers will have to carry out competitor price monitoring to find out where the best deals on wine can be found.
Italian winemaker Michele Bernetti from Umani Ronchi told Reuters that he anticipated about a ten per cent drop in the grapes harvest after one of the driest summers of the last 30 years. Poor grape harvests were already witnessed in New World countries such as New Zealand and Australia with shoppers already paying more there for their wine. European supermarkets are now sourcing wine from countries such as South Africa.
Pricing intelligence company Profitero works with retailers and manufacturers to help them increase sales and maximise their profits by using competitor price, promotions and stock information at scale. For more information on Profitero price intelligence and competitor monitoring, visit www.profitero.com or email firstname.lastname@example.org.