1、Report,Results and BenchmarksProduced by:Rob McMillanProject Manager:Paul DugoniRob McMillanEVP&Founder,SVB Wine D Rob McMillan is one of the top wine-business analysts in the United States and the author of Silicon Valley Banks highly regarded annual State of the Wine Industry Report,which The New

2、York Times described as“probably the most influential analysis of its kind.”With Robs decades of experience researching the industry and working with wineries and vintners,his views are not only sought after but also trusted by winery owners,journalists,entrepreneurs and investors alike.Rob is a pro

3、minent speaker domestically and internationally.He is extensively quoted in national,regional and trade press.2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS2Over the past fifty years,each decade has brought with it at least one significant milestone in the wine business.One such e

4、vent was the Judgement of Paris in 1976.Back then,distributors sold everything,and tasting rooms were about marketing,not selling wine over the counter.The early 1980s witnessed Benzinger Winery simplify consumer wine purchasing decisions with the introduction of the fighting varietal.But,the 1980s

5、also saw a dip in wine sales due to a strengthening anti-alcohol movement.It wasnt until 1991 when the French Paradox was aired on 60 Minutes that the tide began to turn.In 1994,led by premiumization,the entire wine category rebounded on the heels of positive health research,a large cohort of boomer

6、s hitting their financial stride and a robust US economy.In the early 2000s,after a massive increase in the number of wineries,distributors began consolidating and focusing on larger producers,forcing small producers to look for new sales channels,rethink the tasting room model and experiment with w

7、ine clubs.At that point,selling direct was restricted to 13 reciprocal states and compliance documentation was done on paper forms.Direct-to-consumer(DTC)shipping would never be what it is today without the Granholm Decision,which in 2005 provided the basis for the state-to-state legalization of dir

8、ect sales.But it wasnt until the early 2010s that the tasting room model that we all know began to take its current form.That brings us to the 2020s,when direct sales are now responsible for about 70%of the average small winerys sales revenue.11SVB 2024 Direct-to-Consumer SurveySource:Enolytics32024

9、 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKSWhat milestones will define the next decade?I believe three will stand out:The first milestone will be the shift away from baby boomers as the dominant wine consumer and the subsequent impacts this change will have on demand.Second,with su

10、pply systemically set up to run heavy in many regions now,we are entering a period when grape and bulk prices will likely decrease in places.This will provide financial incentives for entrepreneurs to take more risks and innovate with new products and approaches that will appeal to a new generation

11、of wine consumers.That could spur growth in online companies selling direct.Third,direct sales will continue to increase,but the share of revenue derived from tasting room visitors will decrease as new sales channels away from the tasting room are discovered,validated,and leveraged.There is little q

12、uestion that for premium wines,evolving direct-to-consumer sales away from a pure tasting room model will be the means by which the industry will evolve and find success and growth in the decade ahead.What will your winery do to find growth?On behalf of all the survey respondents,we invite you to ex

13、plore the2024 Direct-to-Consumer Wine Survey:Report,Results and Benchmarks.Industry Backdrop5DTC Channel11Tasting Room20Urban vs Winery-Based Tasting Rooms35Wine Club:Shipping,Sales,Conversions and Growth Rates41Wine Club:Member Sources,Tenure,Revenue and Lifetime Value52Digital Sales Trends59SILICO

14、N VALLEY BANK 2024 STATE OF THE WINE INDUSTRY45 Wine-focused boomers are giving way to younger consumers who drink across categories.The alcohol beverage category is being impacted by aggressive,negative and unbalanced messaging from the anti-alcohol movement.Volume sales have trended into negative

15、territory,but bottle prices have continued to increase.Most of the categorys underperformance comes from wines selling below the$15 price point.Volume sales for the wine category as a whole have been down for three years running.Current data suggest that approximately one third of surveyed wineries

16、are seeingimproving conditions,while the rest are not.The small-lot premium wineries are still performing better than wineries producing in high volume.The US alcohol beverage industry is currently overproducing,whichwill set the stage for market opportunities over the next 3-7 years.This is perhaps

17、 one of the more important pieces of information to understand as it is indicative of other parts of the alcohol beverage market.Wholesale alcohol inventory is heavy,and sales are flat.While this chart is for alcohol and not just wine,one cant write off this message.The reality is that the alcohol s

18、egment isnt growing.Without growth,it is likely that distributors will seek discounts and promotions to reduce the backlog.Yes,there are growing wine companiesroughly a third of the marketbut the wine industry as a whole is not growing and,given the acres in plant and current production capacity,has

19、 reached a point of structural oversupply.Oversupply in the wine business can only be cured by increasing demand or decreasing supply.My hope is that we collaborate to engage on the former.2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS6Source:US Census Bureau1.661.640.800.901.001.

20、101.201.301.401.501.601.701.80$10,000$12,000$14,000$16,000$18,000$20,000$22,000$24,000$26,000$28,000Ratio of Inventory/SalesBillions of DollarsDateInventorySalesInventory/SalesSales TrendWine volumes sold are lower across average price ranges,but wineries selling between$30 and$80 report increasing

21、sales dollars in this years survey.Overall,wineries with lower average selling prices are shrinking and are getting lower dollar-denominated returns.Wineries with SRPs between$20-$80 show lower volume,but positive growth in value.Note:Excludes wineries with less than five years of experience-1%-4%0%

22、2%-2%-1%-1%-1%-5%-6%-1%1%-7%1%2%3%2%5%3%-4%-2%0%-10%-8%-6%-4%-2%0%2%4%6%$100Average Percent ChangeAverage Retail Bottle PricePercent Change of Number of Cases SoldPercent Change of Sales Dollars($)Trend of dollar sales changes2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS7The mode

23、st increase in visitation seen in late 2023 will likely continue throughout the summer.The premium wine industry has seen a decline in visitation over the past two years.But 2021 was the strongest year of the past decade,so it was unlikely that the next two years would match that lofty performance.I

24、 view the drop in visitation in 2022 and 2023 as echoes of the COVID recovery.During 2021,wineries were one of the few communal activities available.So,many consumers who were tired of being locked up decided to escape and visit winery tasting rooms.As predicted in the 2024 SVB State of the US Wine

25、Industry Report,tasting room visitation did show a slight rebound in Q4 2023,and the trend since May 2022 has been modestly positive.That aligns with 2023 European travel,an activity favored by a similar consumer demographic.EU travel finally surpassed 2019 pre-COVID numbers as depicted in the graph

26、 below.I believe the signs now point to an end of the revenge travel phase of COVID recovery,and we may see the return of more predictable visitation patterns in wine country this summer.Note:Visitation is determined by paid tasting fees rather than a head count of people.This is consistent througho

27、ut the dataset,so the data comparison is valid.However,it should be noted that counting tasting fees will understate total visitors as some tasting fees are waived or shared among visitors.This distinction is important to understand in your own benchmarking or analysis.Source:Enolytics-12%-10%-8%-6%

28、-4%-2%0%050100150200250300350400Change in VisitationAverage Visitation per MonthVisitation Visitors vs Last Year Linear(Visitors vs Last Year)2,8752,9161,0001,5002,0002,5003,0003,5002013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023Millions of Tourist Nights SpentSource:Eurostat2024 DIRECT-TO-CO

29、NSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS8Nights Spent at Tourist Accommodations in the EU annually2023 total direct-to-consumer sales demonstrated patterns that roughly mirror the visitation trends from the prior slide.The slide following this one shows the financial performance of premium w

30、ineries,which reflects a good Q4(OND).That is consistent with the chart to the right.The strong 2023 holiday season created positive year-end results for premium wineries.If the economy continues its current trajectory and there are no major negative news-dominating surprises,total 2024 DTC sales sh

31、ould end the year at least on par with 2023 value sales.Source:Wine Business Analytics(200,000)(150,000)(100,000)(50,000)050,000100,000150,000200,000250,000300,000350,000($60,000,000)($40,000,000)($20,000,000)$0$20,000,000$40,000,000$60,000,000$80,000,000$100,000,000JanuaryMarchMayJulySeptemberNovem

32、berJanuaryMarchMayJulySeptemberNovemberJanuaryMarchMayJulySeptemberNovemberJanuaryMarchMayJulySeptemberNovemberJanuaryMarch20202021202220232024Volume ChangeValue ChangeYearsValueVolumeOND2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS92024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESU

33、LTS AND BENCHMARKS1012/31/201212/31/201312/31/201412/31/201512/31/201612/31/201712/31/201812/31/201912/31/202012/31/202112/31/20229/30/202312/31/2023Gross Margin53.4%54.8%56.8%56.9%57.4%58.5%57.4%57.1%59.0%55.6%57.8%58.4%59.9%Sales Growth7.7%9.2%11.9%8.8%9.6%3.1%5.3%5.6%-0.6%18.6%6.2%-3.7%0.9%Pretax

34、 Profit6.9%6.6%8.0%9.6%10.2%9.9%8.3%5.0%7.4%14.6%10.7%3.2%7.4%0.9%45.0%47.0%49.0%51.0%53.0%55.0%57.0%59.0%61.0%63.0%-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%Gross MarginSales Growth and Pretax Profit9 months 202310Source:Silicon Valley Bank Peer Group Analysis database.(PGA)11 Sonoma and Virginia

35、 were the two regions with the highest reported DTC sales growth rates.The wine industry is the only alcoholic beverage category with a constitutionally supported right to sell directly to consumers.1 The direct-to-consumer sales channel has evolved and continues to do so.In the early 2000s,the main

36、 source of revenue in the channel was the tasting room.Since then,clubs have grown in importance and now command the most prominent position of the average winerys direct-to-consumer sales approaches.E-commerce has continued to lose traction post-COVID.DTC sales for small wineries are higher as a pe

37、rcentage of total revenue compared to large wineries.Higher direct-to-consumer nominal growth is found more in larger wineries,many of which run multiple smaller wineries.Discounting is still not a widely observed phenomenon in direct sales.More often,incentives are found in discounted shipping.1htt

38、ps:/ DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKSOff-Premise17%On-Premise 11%DTC 72%All ChannelsOther Revenue2%Internet/Web 8%Phone Sales2%Tasting Room39%Wine Club39%On-Site Events5%Allocated Members5%Just DTC12Note:The chart on the right breaks out DTC without wholesale2024 DIRECT-T

39、O-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS63%69%70%70%72%74%75%75%81%95%0%10%20%30%40%50%60%70%80%90%100%OregonNapa CountyWashingtonSonoma CountyAverageOther USSanta BarbaraPaso RoblesOther CaliforniaVirginia13In the past decade,more focus has been placed on expanding wine clubs.That growt

40、h is offset by reductions in wholesale revenue.Tasting room revenue has decreased as a percentage of the total since 2015,while the club has grown in importance.That trend was obscured during COVID,but as of this report,tasting room revenue is on par with the club as a percent of total DTC sales.202

41、4 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS1446%46%43%41%41%28%42%37%39%32%33%36%38%38%37%37%39%39%5%5%9%7%2%3%3%4%3%2%2%6%9%9%16%12%10%8%7%7%5%5%5%1%2%3%5%3%2%11%2%2%2%0%5%10%15%20%25%30%35%40%45%50%201420152016201720182020202120222023Tasting RoomWine ClubAllocated MembersPhoneIn

42、ternet/Web Onsite EventsOtherInternet sales exploded during the COVID lockdowns,and according to some,the size of the growth cut five to ten years from the prior rate of mobile adoption.Interestingly,internet sales in the wine industry took on a significant component of DTC sales during COVID,but as

43、 social activities normalized,internet sales have moved back closer to pre-COVID levels.As the industry growth rate slows,its disheartening to see that a promising channel like e-commerce is not getting the attention it deserves.2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS5%5%9%

44、7%2%3%3%4%3%2%2%6%9%9%16%12%10%8%7%7%5%5%5%1%2%3%5%3%2%11%2%2%2%0%2%4%6%8%10%12%14%16%18%201420152016201720182020202120222023Allocated MembersPhoneInternet/Web Onsite EventsOther152024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS80%81%74%60%49%49%21%31%85%82%79%67%47%50%26%10%0%10%20

45、%30%40%50%60%70%80%90%1-2,5002,501-5,0005,001-10,00010,001-25,00025,001-50,00050,001-100,000100,001-250,000250,000Percentage of DTC SalesCases Produced Annually20222023162024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKSNote:Excludes wineries with less than five years of experience.Ex

46、cludes wineries smaller than 1,000 cases.4.2%4.2%1.6%1.1%0.7%0.5%0.1%-1.6%-3.3%-3.5%2.53%1.88%-2.79%-2.05%-1.48%-2.00%-2.71%-6.46%-2.43%-2.77%-8.0%-6.0%-4.0%-2.0%0.0%2.0%4.0%6.0%Sonoma CountyVirginiaOther CaliforniaOregonAverageSanta BarbaraNapa CountyPaso RoblesOther USWashingtonAverage Change in D

47、TC Dollars SoldAverage Change in DTC Cases Sold17The premium industry experienced a small decrease in wine sales by volume in 2023,but some of that was expected as the final part of the smoke-impacted and small 2020 vintage cleared during the year.The segment grew by 1.2%according to survey data and

48、 0.9%from SVB financial benchmarking data.In 2023,wineries increased dollar sales by 1.2%and decreased volume by 1.2%,implying that prices had to increase by 2.4%to compensate for the decline in volume.2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKSNote:Excludes wineries with less

49、than five years of experience.Includes all wineries regardless of case size.Average Change in DTC Dollar SalesAverage Change in DTC Cases Sold188.7%10.6%1.9%9.1%12.7%3.6%7.8%6.5%-1.3%11.8%16.7%4.9%0.5%2.8%2.3%-1.2%1.2%2.4%-4.0%-2.0%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%18.0%20172018202020212022202

50、3Price Increase vs Price DiscountNet Price ChangeWith the economy cooling in 2022,several short vintages,and inflation running high,raising bottle prices has been necessary but increasingly difficult.Four of the nine regions were able to successfully raise prices in 2023,but only modestly.With the c

51、urrent heavy supply dynamics,price increases will likely be progressively more difficult in 2024 and beyond.2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKSNapaCountyOregonOtherCaliforniaOther USPaso RoblesSantaBarbaraSonomaCountyVirginiaWashington2018$95.53$38.81$31.50$20.87$45.93$

52、37.24$49.48$27.69$34.512020$91.26$42.53$32.37$25.97$51.95$45.18$48.20$38.58$36.772021$90.67$51.09$34.35$20.02$43.38$42.35$54.68$33.05$42.332022$107.79$52.59$35.29$26.27$53.53$54.14$57.26$31.73$49.792023$104.38$52.54$40.37$31.52$51.92$53.51$65.32$30.93$51.72$104.38$52.54$40.37$31.52$51.92$53.51$65.32

53、$30.93$51.72$0.00$20.00$40.00$60.00$80.00$100.00$120.001920 The largest change in tasting room service styles during the decade of the 2010s was moving from standing bars to seated tastings.The change decreased visitation numbers but increased the average order value.Only 27%of wineries exclusively

54、offer by-appointment tastings,while 8%are exclusively walk-in.Today,the largest group of wineries,66%,is opting for both service styles.Wineries with average retail pricing above$50 have no examples of walk-in-only tastings in this survey.Tasting room purchases have increased by over 200%since 2012.

55、But in 2023,seven of nine regions reported a decline in their average tasting room purchase.The average reserve tasting fee is now$58.Compared to 2012,the 2023 average tasting room purchase is up over 200%,with a regional range increase of 133%to 271%.I believe every winery owner should rethink thei

56、r fixed tasting room fee structure and develop a marketing strategy around variable fee structures.For instance,examine periods when the tasting room isnt full.If its 3:00 p.m.on Tuesday,create an experience for entry-level consumers by offering tastings of entry-level wine that includes live music

57、curated for your targeted consumer.There are endless possibilities.Its been interesting to witness the attitude changes in tasting room models over the years.From the 1980s up to the early 90s,the metric to brag about was visitor counts.Then wine country got crowded,and the tasting bar became more r

58、aucous with occasional boorish behavior.The solution?Charge a tasting fee and shoo away the lingerers.It was hard for many to accept that more visitors didnt equate to more money.Some years later,the debate started on seated versus standing models.Our research in 2013 clearly showed a higher convers

59、ion rate and average check with seated tastings.The industry adopted quickly,and table turns became the metric in some wineries.That was short-lived and the industry settled on metrics focusing on delivering hospitality.The more recent debate is walk-in versus by-appointment,with the latter moving i

60、nto a final phase of adaptation.Weve been proponents of the by-appointment model,and gradually,the industry has moved in that direction.COVID was the final nail that made walk-in bars a poor use of space.27%32%43%43%66%18%41%34%34%27%55%27%24%23%8%0%10%20%30%40%50%60%70%80%90%100%2018202020212022202

61、3Percent of WineriesSurvey YearBothBy AppointmentWalk In2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS2139%69%76%67%65%85%61%90%80%0%10%20%30%40%50%60%70%80%90%100%20182020202120222023Wineries With Both Walk-In and By-AppointmentNapa CountyOregonOther CaliforniaOther USPaso Robles

62、Santa BarbaraSonoma CountyVirginiaWashington2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS222024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS6%16%29%4%0%10%3%0%10%20%30%40%50%60%70%80%20182020202120222023Walk-InNapa CountyOregonOther CaliforniaOther USPaso RoblesSa

63、nta BarbaraSonoma CountyVirginiaWashington61%25%8%4%35%12%39%0%17%0%10%20%30%40%50%60%70%20182020202120222023By-AppointmentNapa CountyOregonOther CaliforniaOther USPaso RoblesSanta BarbaraSonoma CountyVirginiaWashington232024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS24100%50%80%85

64、%90%77%60%43%29%22%21%5%5%9%16%40%57%71%78%77%45%20%9%1%7%2%0%10%20%30%40%50%60%70%80%90%100%$100Percent of WineriesRetail Bottle PriceBothBy-AppointmentWalk-In$61$64$90$151$143$161$168$199$223$444$0$50$100$150$200$250$300$350$400$450$500Other USVirginiaOtherCaliforniaWashingtonSantaBarbaraPaso Robl

65、esOregonAverageSonomaCountyNapaCountyAverage Purchase$164$68$67$70$101$70$48$316$86$109$101$195$76$56$444$168$161$143$223$151$64$0$50$100$150$200$250$300$350$400$450$500NapaOregonPaso RoblesSanta BarbaraSonomaWashingtonVirginiaTasting Room Purchase2012201820232012,2018,2023 Average Tasting Room Purc

66、hasesAverage Tasting Room Purchases 2023The average tasting room purchase has been increasing for years without any sign of abating.Compared to 2012,the 2023 average is up over 200%,with a range of 133%to 271%.2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS252024 DIRECT-TO-CONSUMER

67、 WINE SURVEY:REPORT,RESULTS AND BENCHMARKSSource:SVB Direct-to-Consumer Wine Survey,201226Its interesting to see how much has changed regarding tasting fees over the last decade.In 2012,14%of wineries charged tasting fees.The average tasting fee nationwide was$8.50 in 2012.Napas average was the high

68、est at$22.Its truly a testament to the industrys adaptability to see such significant changes in tasting fee practices over this short a time period.13.4%9.4%13.6%7.4%11.1%14.6%25.6%0.0%5.0%10.0%15.0%20.0%25.0%30.0%NapaOregonFull IndustryAveragePaso RoblesSanta BarbaraSonomaWashingtonPercent of Wine

69、ries Charging Tasting FeesRegionsHow does a winery owner determine how much to charge for a tasting?To a large extent,they are paying attention to what their neighbors are charging.Weve had it good!The tasting room has moved from being a marketing expense to becoming a profit center,representing 39%

70、of an average winerys revenue.I expect to see many creative changes in the fixed tasting fee,including more variable pricing strategies employed to attract consumers during slow periods.2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS27$75$33$30$29$43$17$26$22$15$38$138$61$44$52$81$

71、36$42$39$25$72$0$20$40$60$80$100$120$140$160NapaCountyOregonPaso RoblesSantaBarbaraSonomaCountyVirginiaWashingtonOtherCaliforniaOther USAverageTasting RoomRegionAverage of Standard Tasting FeeAverage of Reserve Tasting FeeReserve tastings were a novelty in 2005.The shift to seated tastings in the 20

72、10s was the impetus that increased the fee structure.COVID caused another change.In an attempt to recover lost revenue from being closed,standard and reserve fees jumped higher.Is there a possibility of a causal relationship between lower visitation in 2022 and 2023 and increased fees?Im not sure,bu

73、t it is something to consider as a factor.2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS28$14$15$16$20$20$32$31$41$38$26$29$34$33$33$55$57$74$72$0$10$20$30$40$50$60$70$80201420152016201720182020202120222023Standard Tasting FeeReserve Tasting Fee2024 DIRECT-TO-CONSUMER WINE SURVEY:

74、REPORT,RESULTS AND BENCHMARKS29$19$16$16$20$26$31$39$51$57$73$91$40$38$32$31$45$58$74$90$115$122$168$0$20$40$60$80$100$120$140$160$180$100Average of Standard Tasting FeeAverage of Reserve Tasting Fee32%17%17%17%8%15%13%20%35%27%19%20%22%13%17%27%27%20%11%5%6%9%17%20%17%22%35%13%20%5%9%8%18%14%20%25%

75、10%1%3%7%6%16%10%13%30%1%3%2%8%15%19%20%0%10%20%30%40%50%60%70%80%90%100%1-2,5002,501-5,0005,001-10,00010,001-25,00025,001-50,00050,001-100,000100,001-250,000250,000Percent of Wineries Answering for Each Option6+543210Number of Options Offered2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BE

76、NCHMARKS302020 was a bad year for humans,but a good year if you sold wine in grocery stores.It was not a good year if you sold out of your tasting room.The situation reversed in 2021,once COVID lockdowns eased and wine tasting became one of the few things you could do.2021 was the best year in the p

77、ast decade for the premium producer.Visitation in 2022 and 2023 has dropped off those strong 2021 comps.Will visitation come back?Where will the rest of 2024 take us?I believe the reduced visitation numbers are partly due to the move away from the walk-in model,but recently,it has been more of an ab

78、erration.Its an echo of COVID.People are catching up on delayed celebrations and travel and bypassing wine country.Im betting that tasting room traffic will recover during 2024.2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKSNote:Average visitation for 2023 was 1,106.NapaCountyOrego

79、nPasoRoblesSantaBarbaraSonomaCountyVirginiaWashingtonOtherCaliforniaOther US20161,4756981,2587701,0392,0366099601,40720171,4307031,1101,1161,2731,4828081,0661,50520181,3721,0791,4027811,0981,4649421,5322,75820204845927749325231,08033161298520219448231,1711,7009322,9799351,1022,83720221,1535361,02483

80、46991,9141,0041,0251,08520239298121,0281,0777092,1706971,0272,08005001,0001,5002,0002,5003,0003,500Average Monthly Visitors312024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS32While visitation slowed in 2022 and 2023,over a longer period it has skyrocketed;despite the move away from

81、crowded standup bars to seated tables.2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS36%32%16%14%41%33%15%11%0%5%10%15%20%25%30%35%40%45%For Joining the Wine ClubFor Purchasing Specific Number of BottlesFor Purchasing Specific Dollar AmountNo ReimbursementPercent of WineriesTasting

82、 Fee Reimbursement Type20222023Note:Respondent can respond to more than one option.332024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKSWineries could select all responses that applied3468.7%35.5%35.5%15.4%17.5%5.1%3.9%67.1%31.1%31.1%19.6%15.0%2.6%5.8%0%10%20%30%40%50%60%70%80%Tips and

83、 gratuitiesCompensation Per WineClub SignupCommissionBonus Based on IndividualGoalsBonus based on TeamGoalsResiduals PaidNonePercent of RespondentsCompensation Type2022202335 Urban tasting rooms have hit their stride as a stand-alone arm supporting brand building.Several advantages over winery tasti

84、ng rooms are evident,including lower lease costs,a casual atmosphere that can make engagement less daunting for novice consumers,added convenience for tourists staying in town and a lower tasting fee that encourages trial.Average tasting room purchases in urban locations are up 85%in six years.The g

85、rowth rate in purchases between urban and rural tasting rooms since 2017 is 18%for urban versus 31%for tasting at the winery.Winery tasting rooms generate between 20%-56%more revenue than urban tasting rooms.Regulatory issues in Santa Barbara give that region the highest concentration of urban tasti

86、ng rooms of those surveyed.Washington and Sonoma follow Santa Barbara in the regional split between urban and winery options.$113.75$123.18$134.42$129.91$159.45$134.30$159.10$147.94$188.92$155.53$218.00$209.16$0$50$100$150$200$250201720182020202120222023Average Tasting Room Purchase in DollarsSurvey

87、 YearUrban AreaWinery/VineyardUrban tasting rooms in wine regions have transformed.While rural wineries attracted robust traffic a decade ago,urban tasting rooms had to overcome an identity crisis.Owners are discovering that an urban location should have a different feel.For higher-priced regions,an

88、 urban tasting room is an opportunity to present an entry-level experience priced more affordably and often geared to younger consumers.For those relatively new to wine,a downtown tasting room offers a comfortable and welcoming environment.Consider this:average tasting room purchases in urban locati

89、ons are up 85%in six years.2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS362024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS11%3%5%12%2%6%1%4%23%3%23%42%24%8%25%13%8%66%93%72%46%76%90%69%85%88%0%10%20%30%40%50%60%70%80%90%100%WashingtonVirginiaSonoma CountySanta Ba

90、rbaraPaso RoblesOther USOther CaliforniaOregonNapa CountyPercent of RespondentsRegionBothUrban AreaWinery/Vineyard372024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS$23.23$24.94$29.56$28.41$35.16$29.13$39.69$40.84$0.00$5.00$10.00$15.00$20.00$25.00$30.00$35.00$40.00$45.002020202120222

91、023Average Tasting FeeAverage Standard Tasting FeeUrban AreaWinery/Vineyard$41.70$44.60$55.45$46.71$59.87$51.16$68.15$75.80$0.00$10.00$20.00$30.00$40.00$50.00$60.00$70.00$80.002020202120222023Average Tasting FeeAverage Reserve Tasting FeeUrban AreaWinery/Vineyard382024 DIRECT-TO-CONSUMER WINE SURVEY

92、:REPORT,RESULTS AND BENCHMARKS$113.75$123.18$134.42$129.91$159.45$134.30$159.10$147.94$188.92$155.53$218.00$209.16$0$50$100$150$200$250201720182020202120222023Average Tasting Room PurchaseSurvey YearUrban AreaWinery/Vineyard391,8896601,5481,0571,3127734486484606051,5886281,4821,1011,2030200400600800

93、1,0001,2001,4001,6001,8002,00020182020202120222023Number of VisitorsSurvey YearBothUrban AreaWinery/VineyardAs urban tasting rooms opened in different regions over time,the experience provided was found to be simpler and less formal than that at the winery.The concept started slow,but today urban ta

94、sting rooms are creating unique options to help build brands and engage with a wider variety of consumers.2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS4041 Traditionally,wine club members receive discounts on incremental wine purchases.Between regions,the average discount in 2023

95、 was 17%,with a low of 14%in Napa and a high of 22%in Paso Robles.The average number of shipments in wine clubs have risen from 2.7x per year to 3x per year during 2023.Free shipping is dropping as a discount mechanism and being replaced by discounted shipping.While 75%of wineries source club member

96、s from the tasting room,wineries are increasingly looking for different sources of members.About 20%of wineries are now in active programs to cross-refer customers,and the same percentage are using non-social media digital approaches to gain new members.Club conversion rates normally fall within a n

97、arrow band of 8-10%.Conversion rates in rural wineries are now up to one in four visitors.16%16%22%16%16%16%16%19%15%14%16%22%19%16%16%17%18%15%0%5%10%15%20%25%Napa CountyOregonPaso RoblesSanta BarbaraSonoma CountyVirginiaWashingtonOther CaliforniaOther USPercent DiscountRegion202220232024 DIRECT-TO

98、-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS42Wineries have been experimenting for years to find the optimal number of club shipments.The right number depends on what you measure.If its length of time in a club,the evidence shows more shipments reduce club duration.Most would agree that the b

99、est metric is an approach that maximizes the lifetime value of each customer.Sending what the client wants,in the right amounts and at the right time is a function of engagement.Ask the client what they want versus finding a box to push them into.If they have too much,allow them to pause shipments.F

100、ind the friction points and eradicate them.That is one of the best and easiest methods to extend the length of time they remain a club member.2.52.52.72.93.02.93.23.43.44.10.00.51.01.52.02.53.03.54.04.5PasoRoblesWashingtonOregonSonomaCountyAverageNapaCountyOther USOtherCaliforniaSantaBarbaraVirginia

101、2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS43During the COVID lockdown in 2020,the success of high-production models and premium models dramatically diverged.High-production wineries were selling in open grocery stores,while small premium producers suffered from closed tasting

102、rooms.Wineries that had significant exposure to wholesaler sales raised their prices,while those selling through shuttered tasting rooms struggled to get consumers to purchase,particularly early on.In early 2020,struggling premium wineries,in a display of resourcefulness and adaptability,took steps

103、to mitigate the impact of the crisis.Many of them introduced free shipping as an inducement,a move that not only helped them maintain a connection with their consumers but also showcased their commitment to customer satisfaction.Since reopening started,these developments have gradually reversed,but

104、consumers are still used to free shipping.The compromise has been to offer discounted shipping.Note:Respondents may answer for more than one category38%16%19%5%11%22%0%5%10%15%20%25%30%35%40%45%Discounted Shipping onClubFree Shipping on allClubFree Shipping on allAdditionalFree Shipping OverCertain

105、ThresholdFree Shipping(Other)No Free ShippingPercent of RespondentsDiscounted Shipping Categories2021202220232024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS448381,2311,2231,2831,6991,8221,8402,0522,5852,69005001,0001,5002,0002,5003,000VirginiaWashingtonOregonOther CaliforniaPaso Ro

106、blesAverageOther USSonoma CountySanta BarbaraNapa CountyWine Club MembersRegion2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS452024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS9%8%8%10%26%10%9%10%0%5%10%15%20%25%30%20152016201720182020202120222023Conversion RateSur

107、vey YearCOVID462024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS16%11%10%10%6%5%5%4%2%1%15%12%7%9%6%5%5%6%4%1%0%2%4%6%8%10%12%14%16%18%Napa CountySonoma CountySanta BarbaraAverageWashingtonPaso RoblesOther CaliforniaOregonOther USVirginia20232022472024 DIRECT-TO-CONSUMER WINE SURVEY:

108、REPORT,RESULTS AND BENCHMARKS48Source:SVB Direct-to-Consumer Wine SurveysNet Wine Club Growth Rate=New club members acquired in given year,less lost club members in that year,divided by base membership level at the beginning off that year.Excludes wineries with less than five years experience.Napa C

109、ountyOregonPaso RoblesSanta BarbaraSonomaCountyVirginiaWashingtonOtherCaliforniaOther US20202%4%10%5%2%6%9%4%30%202123%15%5%27%18%11%20%19%26%20225%10%6%4%7%20%13%10%12%202313%4%0%4%3%11%5%4%10%13%4%0%4%3%11%5%4%10%0%5%10%15%20%25%30%35%Percent Growth RateRegionClub membership growth was spectacular

110、 in 2021,partly due to the reopening of the tasting room and the growth in digital club member acquisition.While the growth rate in 2022 was lower than the previous year,we shouldnt have expected to sustain the same level of growth indefinitely.Club growth has slowed since 2021,but that is more abou

111、t normalizing those high 2021 comps in a post-COVID environment.2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS492024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKSMember Acquisition Rate=The number of new wine club members acquired the starting number of wine club me

112、mbers.Member Attrition Rate=the number of wine club members lost the starting number of club members.Excludes wineries with less than five years of experience.22.5%22.8%23.1%23.9%25.5%26.3%27.5%27.9%28.5%31.1%0%5%10%15%20%25%30%35%WashingtonPaso RoblesAverageOther CaliforniaSonoma CountyOther USOreg

113、onVirginiaSanta BarbaraNapa CountyPercent Growth RateRegionMember Acquisition Rate17.8%28.5%19.0%20.4%22.3%19.6%23.1%17.4%24.5%18.4%0%5%10%15%20%25%30%WashingtonPaso RoblesAverageOther CaliforniaSonoma CountyOther USOregonVirginiaSanta BarbaraNapa CountyPercent Attrition RateRegionMember Attrition R

114、ate50In addition to Club growth,its important to track the magnitude of member churn.Its far more profitable to increase the number of members by 5%and lose 5%of the members,versus growing new members by 20%and losing 20%.Both examples are net-zero growth,but it costs significantly more to acquire 2

115、0%more members than 5%more members.You end up spending more to get to the same place.While its encouraging that most regions wineries are adding new club members at a rapid pace,the high rate of churn is a pressing concern that needs to be addressed.Club Churn Rate=lost club members the starting num

116、ber of wine club members x 100.Club Growth Rate=the number of acquired members minus the number of lost members the starting number of wine club members.Excludes wineries with less than five years of experience.17.4%17.8%18.4%19.0%19.6%20.4%22.3%23.1%24.5%28.5%0.0%5.0%10.0%15.0%20.0%25.0%30.0%Virgin

117、iaWashingtonNapa CountyAverageOther USOther CaliforniaSonoma CountyOregonSanta BarbaraPaso RoblesClub Churn Rate-5.7%3.1%3.5%4.0%4.2%4.4%4.7%6.7%10.5%12.7%-10.0%-5.0%0.0%5.0%10.0%15.0%Paso RoblesSonoma CountyOther CaliforniaSanta BarbaraAverageOregonWashingtonOther USVirginiaNapa CountyClub Growth R

118、ateIn addition to club growth,its important to track the magnitude of member churn.Its far more profitable to increase the number of members by 5%and lose 5%of the members,versus growing new members by 20%and losing 20%.Both examples are net-zero growth,but it costs significantly more to acquire 20%

119、more members than 5%more members.You end up spending more to get to the same place.While its encouraging that most regions wineries are adding new club members at a rapid pace,the high rate of churn is a pressing concern that needs continuing ideation.2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESUL

120、TS AND BENCHMARKS5152 Traditionally,wine club members receive discounts on incremental purchases.Between regions,the average discount in 2023 was 17%,with a low of 14%in Napa and a high of 22%in Paso Robles.The average number of shipments in wine clubs has risen from 2.7x per year to 3.0 x per year

121、during 2023.Free shipping is dropping as a discount mechanism and being replaced by discounted shipping.While 75%of wineries source club members from the tasting room,wineries increasingly seek different avenues to acquire new members.About 20%of wineries are now in active programs to cross-refer cu

122、stomers,and about the same percentage are using non-social media digital approaches to gain new members.In 2023,16%of total club new members were acquired through digital means.Since 2020,the average lifetime value is topping out in a narrow range of$2,710,plus or minus 3.7%.The solution for the dis

123、tributor consolidation in the early 2000s became the tasting room and club model we now see.Today,the industry is at another critical juncture.Total wine volumes are declining,and DTC growth is slowing.With 70%of total sales reliant on traffic through the tasting room,its clear we need to diversify.

124、To find new growth,we must actively pursue sales channels that dont start with the tasting room.A good example of positive change is digital growth in club memberships.The average premium winery is already driving club growth via digital means,16%,in 2023.Thats a start!2024 DIRECT-TO-CONSUMER wine S

125、URVEY:report,results and benchmarks53Sources:Enolytics,SVB 2024 Direct-to-Consumer Wine Survey11%10%18%9%4%27%25%10%89%90%82%91%96%73%75%90%0%10%20%30%40%50%60%70%80%90%100%Percent of New MembersAnnual Case ProductionPercent of Members Acquired via Digital MediaPercent of Members Acquired via Non-Di

126、gital Media16.1%23.9%18.5%16.4%16.1%83.9%76.1%81.5%83.6%83.9%20192020202120222023Online&OthersTasting Room19.8%21.0%25.9%26.7%29.7%34.3%35.9%42.3%75.8%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%Digital means other than social mediaCross-referrals with other wineriesProgrammatically meet with other

127、wineries to gain ideasClub Member Referral ProgramTastings remote from the wineryCalling program on former membersTraditional Social Media ProgramsHosting wine dinnersThrough the tasting roomWineries use of Member Acquisition ProgramsNote:Respondents can select more than one option.The percentage sh

128、own is based on the total number of wineries in the sample for each question.For example,76%of wineries acquire members through the tasting room and 42%host wine dinners.2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS54272730313132323234370510152025303540Other USSanta BarbaraPaso R

129、oblesWashingtonSonoma CountyVirginiaOregonAverageOther CaliforniaNapa CountyMonths Duration in Club2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS55$1,607$846$947$972$566$732$641$775$271$535$1,531$1,092$1,017$982$939$842$782$772$698$688$0$200$400$600$800$1,000$1,200$1,400$1,600$1,8

130、00Napa CountyOregonAverageSonoma CountyVirginiaWashingtonPaso RoblesSanta BarbaraOther USOther California202220232024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS562024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS$1,608$1,713$1,896$2,111$2,446$2,750$2,767$2,609$2,708$

131、0$500$1,000$1,500$2,000$2,500$3,000201420152016201720182020202120222023Lifetime ValueSurvey Year57$4,319$2,380$1,925$1,373$3,051$1,509$2,597$1,315$564$4,439$3,003$1,879$1,882$2,444$2,055$2,289$2,100$1,397$0$500$1,000$1,500$2,000$2,500$3,000$3,500$4,000$4,500$5,000Napa CountyOregonPaso RoblesSanta Ba

132、rbaraSonoma CountyVirginiaWashingtonOther CaliforniaOther USLifetime ValueRegion202220232024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS5859 The adoption of digital solutions in wine sales is growing at an increasing pace.New solutions are being developed and sales support companies

133、 are finding their footing during this period of change.The use of data management and sales insights companies will likely become increasingly important.Email marketing is still the most used digital tool;26%of our respondents communicate via email monthly and 20%bi-weekly.73%of respondents use Ins

134、tagram and 72%use Facebook,at least as a brand awareness tool.With digitally native consumers entering their prime spending years and maintaining a 24/7 grip on their smartphones,what will you do differently to reach those consumers?For several years Ive heard the occasional comment that email marke

135、ting is pass,but thats not what the data shows.Email marketing still works for most wineries.Open,and click-to-open rates for Leisure and Hospitality,the closest categories to the wine industry,are about 20.2%,and 8.7%respectfully according to Campaign Monitors 2022 yearend report.For the wine busin

136、ess,open rates and click rates are roughly double those results,with wineries with less than 100,000 cases and above$20 average bottle prices seeing the best results.35%48%48%47%49%45%55%51%58%55%50%31%17%15%11%14%11%17%16%16%28%18%0%10%20%30%40%50%60%70%$100Percent Open/Click RateRetail Bottle Pric

137、e52%50%53%45%45%51%47%41%18%17%19%11%9%13%13%5%0%10%20%30%40%50%60%1-2,5002,501-5,0005,001-10,00010,001-25,00025,001-50,00050,001-100,000100,001-250,000250,000Percent Open/Click RateCase ProductionOpen RateClick RateLinear(Open Rate)Linear(Click Rate)2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULT

138、S AND BENCHMARKS60In the 1990s,clubs were difficult to manage because all communications were done via U.S.Mail.It was slow and expensive,so clubs were rare.Since the early 2000s,when the Internet first made online shopping possible,the diversity of digital applications that support DTC has accelera

139、ted.Email revolutionized digital selling first,followed by social media.Digital analytics and active e-commerce have been the latest technology adopted.The decade ahead will likely see the increased use of new data management tools.AI and machine learning may also impact the future of DTC,playing an

140、 increasingly important role in consumer research and strategic decision-making.2%15%24%26%36%80%86%0%20%40%60%80%100%OtherData analystSMS messaging(text)Platform analytics(i.e.Google Analytics)Active E-commerceSocial MediaEmailPercent of RespondentsExamples of Other(2%):ChatGPT/AI Phone Traditional

141、 US mail supportOnline Marketing Tools Include:SEM,retargeting,SEO,driving sales to the web,banner ads,etc.2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS612024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKSNone10%Daily(targeted)2%Other 2%Not Sure 2%26%15%23%22%10%5%0

142、%5%10%15%20%25%30%1-2,5002,501-5,0005,001-10,00010,001-25,00025,001-50,000 50,000Percent of wineriesRange of email addressesSize of email list18%82%Do you remove inactive emails from your email list annually or more often?NoYesThe following chart is a benchmark of wineries active email lists.Those b

143、enchmarks compare against the ranges below.For example,if you are a winery with 4,999 active email addresses,you would be in a group representing 15%of the industry respondents.Another way to read it is that 5%of respondents have more than 50,000 emails on their list.62Social media has proven succes

144、sful as a means of building brand awareness,obtaining customer leads and helping with product promotion.Its use as a selling tool is evolving and remains a highly debatable topic.73%of respondents use Instagram and 72%use Facebook,at least as a brand awareness tool.While Twitter/X is losing ground,d

145、igital marketers are adopting other platforms,such as Threads and TikTok.Text as a marketing tool is getting a surprisingly slow adoption rate.2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS73%72%13%12%11%6%6%0%10%20%30%40%50%60%70%80%Instagram FacebookYoutubeTwitter/X LinkedInTikT

146、okOtherPercent of RespondentsSocial Media Platform63Examples of Other(6%):Any Text Message Platform Pinterest Threads2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS640%2%4%6%8%10%12%14%16%18%20%1-2,5002,501-5,0005,001-10,00010,001-25,00025,001-50,00050,001-100,000100,001-250,000250

147、,000Percent of RespondentsCase Production Instagram Facebook LinkedIn TikTokX Formerly known as TwitterYoutube652024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS663.4%5.4%6.0%8.2%11.2%11.8%15.2%17.4%21.2%0%5%10%15%20%25%Paso RoblesSanta BarbaraVirginiaWashingtonOther USOther Californ

148、iaOregonSonoma CountyNapa CountyPercent of Respondents2.0%3.4%4.0%7.5%18.0%15.2%21.2%28.7%0%5%10%15%20%25%30%35%250,000100,001-250,00050,001-100,00025,001-50,00010,001-25,0005,001-10,0002,501-5,0001-2,500Percent of RespondentsCases Produced Annually2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS

149、AND BENCHMARKS671.2%4.8%11.2%16.8%15.8%13.8%8.8%7.0%5.0%2.2%13.2%0%2%4%6%8%10%12%14%16%18%$100Percent of RespondentsSelf-Reported Average Retail Bottle Price2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS68Silicon Valley Bank,a Division of First Citizens Bank,is the premier commerc

150、ial bank for emerging,growth and mature companies in the technology,life science,venture capital,private equity and premium wine industries.Its Wine Division specializes in commercial banking for premium wineries and vineyards.Established in 1994,SVBs Wine Division has offices strategically located

151、in Napa,Sonoma and Oregon.It caters to clients in the fine-wine-producing regions of California,Oregon and Washington.By virtue of its dedication to the wine industry,Silicon Valley Bank is able to support its clients consistently through economic and growth cycles,and offer guidance on many aspects

152、 of their business beyond traditional banking services.Silicon Valley Bank,a division of First Citizens Bank,is a member of the FDIC.More information on the company can be found at .2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS69This material,including without limitation the stat

153、istical information herein,is provided for informational purposes only.The material is based partly on information from third-party sources that we believe are reliable but have yet to be independently verified.For this reason,we do not represent that the information is accurate or complete.The info

154、rmation should not be viewed as tax,accounting,investment,legal,or other advice,nor should it be relied on in making an investment or other decision.You should obtain relevant and specific professional advice before making any investment decision.Nothing relating to the material should be construed

155、as a solicitation,offer,or recommendation to acquire or dispose of any investment or to engage in any other transaction.Silicon Valley Bank,a division of First Citizens Bank&Trust Company,is not selling or distributing wine or wine-related products.Through the online informational platform SVB Cella

156、r Selections,Silicon Valley Bank provides material to employees about a variety of premium Silicon Valley Bank winery clients and their wines.These communications are for informational purposes only.Silicon Valley Bank,a division of First Citizens Bank,is not responsible for,nor is it a participant

157、in,the sales of any winery products in any fashion or manner and makes no representations that any promotion or sales of alcoholic beverages will or will not be conducted lawfully.Further,Silicon Valley Bank disclaims any responsibility or warranty for any products sold by wineries or other wine ind

158、ustry service providers.Silicon Valley Bank provides banking and financial services,along with industry insights to vineyards and wineries.The views expressed in this report are solely those of the author and do not necessarily reflect the views of Silicon Valley Bank,a division of First-Citizens Bank&Trust Company,or any of its affiliates.2024 First-Citizens Bank&Trust Company.All rights reserved.Silicon Valley Bank,a division of First-Citizens Bank&Trust Company.Member FDIC.2024 DIRECT-TO-CONSUMER WINE SURVEY:REPORT,RESULTS AND BENCHMARKS70