“The industry is overstocked to buggery, particularly with lower end red wine,” says winemaker Bruce Tyrrell. Treasury Wine is already making major changes.
Treasury Wines has announced plans to shut its large production facility at Karadoc in Victoria – which makes lower end wine under labels such as Lindemans, Yellowglen and Wolf Blass – in June next year.
Two decades ago, Mr Tyrrell decided to exit the lower end of the wine market by selling the Long Flat brand. He said being in the low end of the market as a predominantly premium wine group had been confusing for customers. It has been a blessing to exit. “You make good decisions and bad decisions along the way, that was one of the good ones,” Mr Tyrrell said.
The wine sector had also faced extra competition from other alcoholic beverage categories such as ready-to-drink spirits and seltzers. The White Claw brand of “The general consensus is that younger drinkers are the key drivers of premiumisation,” said Mr Cole, adding that research in the United Kingdom showed that 54 per cent of 18 to 34-year-olds were likely to choose a premium drink against just 35 per cent of those aged over 55. The influence of Millennials in the drinks market would likely expand, he said.
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