Declarations of recession are pouring out of Europe and Asia, and speculations are flying that the United States isn't far behind. With the world economy in a crunch, consumers are spending less money and buying fewer luxury items, a trend that has been noted in sales of wine both in the market and at restaurants. To cope, restaurants like Braeburn in New York City have skewed their wine lists toward more affordable wines, and retailers have begun pushing budget vino. GOOD News talks to Katherine Beto, director of Braeburn's beverage program, and Mike Veseth, author of the Wine Economist blog and a forthcoming book on wine and globalization, for more on the situation.
Wine prices go into the red (BBC News)