Wine sales are experiencing a decline as younger consumers opt for beer and seltzer. According to recent data, wine industry revenue has decreased by 4% in the past year, with millennials and Gen Z leading the shift away from wine. Experts attribute this trend to changing consumer preferences and increased competition from alternative beverages.

Source: https://www.bloomberg.com/news/newsletters/2024-08-10/wine-gets-a-hangover-as-young-shun-booze