硅谷银行（SVB）：2026年葡萄酒直接面向消费者（DTC）市场调研报告（英文版）（57页）.pdf

1、2026 Direct-to-Consumer Wine Report June 2026Author:Rob McMillan,EVP&Founder Silicon Valley Bank Wine DivisionSupport:Paul Dugoni,Senior Credit Analyst1The vision for success42Direct-to-consumer channel123Tasting room model and visitation184Tasting room wine purchases(AOV)285Wine club performance346

2、Wine club member tenure437Survey respondent profile472Contents2026 DIRECT-TO-CONSUMER WINE REPORTPreface finding next2026 DIRECT-TO-CONSUMER WINE REPORT3The way I see it,we are past the worst of the downturn.Thats what the emerging data suggest.So why doesnt it feel that way?Since the COVID lockdown

3、s,the industry has been on a dizzying roller coaster ride;a ride without tracks,a ride searching for a stopping point,while the people on the ride are seeing volume declines,inventory building and consumer demand soften.I preferred it when the roller coaster was ascending.Today there are qualitative

4、 and quantitative signals that the steepest part of this correction is behind us.Notably,the rate of the decline in total sales seems to be slowing its still negative,but the rate of decline is slowing.The market is showing early indications of stabilizing.But stabilization is not recovery.Theres no

5、 indication of a return to improving demand.Things feel different,not betternot yet.Within the same wine industry though,individual outcomes are diverging,increasingly so by the day.Upper-quartile wineries are growing and developing solutions.Lower-quartile wineries arent.Many are holding flat,worki

6、ng harder for the same result.The gap between the upper and lower groups is widening,spotlighting the successful and the struggling.As we forecasted in the January 2026 State of the US Wine Industry Report,we are in a phase where the underlying market truths are finally being nearly universally acce