Episode Details

There has been a big surge in wine consumption on a macro level in recent years. California production is down due to both the removal of acres and climate challenges. Because national production cannot keep up with demand, imports have increased. Dr. Christopher Thornberg, Founding Partner at Beacon Economics and Director of UC Riverside Center for Economic Forecasting looks at big picture economic themes in the wine industry. From differentiation with sustainability, to an economic perspective on pricing water use, to the need for regional marketing efforts. Collaborating with the industry, local partners, and government can bolster the success for all people coming together to make great wines.

• 83: Sustainability: An Advantage in any Market (Podcast)
• Beacon Economics
• California and U.S. Wine Production (Wine Institute)
• Central Coast Economic Forecast
• Christopher Thornberg's Biography
• Eco-Certifications Increase Sales
• Economic Impact of California Wine (Wine Institute)
• SIP Certified
• Sustainable Ag Expo November 14-16, 2022 | Use code PODCAST for $50 off
• UC Riverside Center for Economic Forecasting & Development

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Craig Macmillan 0:00

My guest today is Dr. Christopher Thornberg. He is a founding partner of Beacon Economics and he's the director of the UC Riverside Center for Economic Forecasting. Dr. Thornberg, thank you for being with us.

Dr. Christopher Thornberg 0:11

Great to be here.

Craig Macmillan 0:12

You are an economic forecaster, macro economic forecaster. And you have a lot of experience in all kinds of things. This is a wine show, obviously, wine and grapes. How do you see the role of wine in the bigger kind of economic picture in the United States?

Unknown Speaker 0:29

Yes, you know, is interesting. I'm a macro economist, I'm based here in California, I spend a lot of my time talking about big things, interest rates, inflation, consumer spending. But at the same time as a California based guy is a guy who's done lots of talks in wine country, I've also become relatively cognizant, shall we say, of the ebbs and flows of Ag and the wine economy in general, right here. In California. Obviously, when you think about places like Sonoma or Napa, it's incredibly important part of not only local production, but local tourism. And as such, you always have to walk, you know, sort of watch what's happening in these spaces in these industries. Now, of course, when you think about California wine, when you think about US wine, from a macro perspective, there are two things that are happening simultaneously over the last couple of years. The first thing has happened is another big surge in wine consumption, you think