OMG The stock market is crashing! Recession is nigh! Whither wine? Poll
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“World Markets Plunge on Fears of U.S. Slowdown” was the headline from the NYT site yesterday. Lovely! Time to buy gold, everybody! (Oh wait, it’s already at new highs.)
The good thing about wine is that you always need it. As Napoleon is reputed to have said about champagne, “in victory you deserve it; in defeat you need it.”
So how will a declining economy and stock market affect your wine purchases? Have your say in the latest poll! Feel free to hit the comments if you have more to say than the choices shown here.
On a related note, how are those importers feeling about raising prices thanks to the falling dollar? Ouch. Stuck between a rock and a hard place.
UPDATE: a Reuters story on the weak economy and the fine wine market quotes several prognosticators–including Dr. Vino!
One of the "seven best wine blogs." 
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On January 22nd, 2008 at 8:38 am ,Alfonso wrote:
Well, it is winter. So if we are going into a Bear Market perhaps we all can hibernate with some of our favorite wines we have saved. Looks like it’s time to open some of the good ones and drown our sorrows in a proper way;)
On January 22nd, 2008 at 10:00 am ,Bob W. wrote:
I have already cut back on my purchases of wines that I will hold for a few years (the two coolers are already filled AND I still have one out of three to put through college). The bigger concern is the 5 digit hit the retirement funds have taken this month. FED to the rescue??!!
On January 22nd, 2008 at 11:20 am ,PINONVY wrote:
History teaches us, in down times, folks dont drink any less. They just change what and where they drink. I am well stocked, can just sit here at home and hope for the best…
On January 22nd, 2008 at 12:59 pm ,Arthur wrote:
Interestig story on hi very subject:
http://www.winebusiness.com/news/DailyNewsArticle.cfm?dataid=52602
On January 22nd, 2008 at 4:40 pm ,Dave S. wrote:
I’m actually cutting back both total spending AND the amount I pay per bottle. 401k also took a hit AND my house is oil heated. Double ouch!
Really hoping the dollar makes a recovery at some point because most of what I drink is European.
On January 22nd, 2008 at 6:49 pm ,Jacob wrote:
Since I live in London, and still get paid in USD… the recession hit me long ago.
Apparently, because house sales are in a slump (less stamp tax), Her Majesty’s Customs & Excise plans to raise the tax on all alcohol.
Merchant friends say it will be an increase by £0.5 to £1 ($1 to $2) retail per bottle. So the grapes will see yet another crushing.
Most painful is that California wine prices (sadly, no Oregon or Washington here) have yet to fall, despite the weakened currency… so Dave S., I’m feeling you.
On January 28th, 2008 at 6:18 pm ,Winehiker Witiculture wrote:
[...] There’s not much written about the subject of wine, families, and American culture, so if you’re inclined to glean more from this topic, I invite you to read an excellent post written recently by Dr. Debs titled Teaching Your Children About Wine. You might even check out Dr. Vino’s recent poll, OMG The stock market is crashing! Recession is nigh! Whither wine? [...]
On February 12th, 2008 at 2:41 pm ,Dr Vino’s wine blog » Blog Archive » Alert Ben Bernanke! All finance edition - tasting sized pours wrote:
[...] First time here? Check out the “site highlights,” send in a question, subscribe to the latest posts by RSS, daily email, or free monthly updates by email (right sidebar). Thanks for visiting!Imports, tres chers I was just poking around on this web site and I came across some prices of the previous vintages of wines currently in the market. The Loire, Rhone, Champagne, Beaujolais–many prices have risen, sometimes 20 percent in a year! Eeegad. Ben Bernanke, importers, where’s our price stability?! We might have to cut back. [...]