An Update: Is Globalization Continuing to Benefit American Wine Drinkers?

Abstract

AbstractAs in the 17 years leading up to 2005, as shown in Gokcekus and Fargnoli (2007), there was no change in quality between 2006 and 2012. There was more variety and, perhaps most importantly, the average real price of wines on Wine Spectator's Top 100 List declined even faster. However, rather than wines from the New-New World and Non-incumbent countries, it was wines from Italy, Spain, and Portugal—New-Old World—that were primarily responsible for these beneficial changes (greater variety and more affordable wines in the Top 100 List) for American wine drinkers. (JEL Classifications: F120, F140, C200)