Say cheers: Wine bars mitigate losses by offering pick-up services
Wine bars consist of lounges and bars that focus on the sale of wine for immediate, on-site consumption. Wine bars also offer limited food services and nonalcoholic beverages. Through the end of 2023, wine bars have seen largely stable expansion, benefiting from an evolving hospitality landscape prior to COVID-19. Wine bars have achieved substantial popularity with the industry's youngest and oldest consumers, as disposable income levels strengthened and consumers spent more on higher-priced discretionary products. For example, younger consumers are taking more to premium beverages, like wine and craft beer, and opting for smaller and quieter venues that offer a relaxed dining experience. Despite positive trends, drops pertaining to the pandemic have contributed to a dip of an estimated CAGR of 6.0% through the end of 2023 to $1.9 billion, including an anticipated 4.0% dip in 2023 alone.
Wine bars comprise lounges and bars that primarily focus on selling wine for immediate on-premise consumption. These wine bars may also provide limited food services.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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