How do macroeconomic fluctuations impact the pricing and demand of fine wines compared to mid-range and mass-market wines ?
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- This thesis examines how macroeconomic fluctuations influence wine prices and demand across different market segments, with a particular focus on comparing fine wines to mid-range and mass-market wines. While wine markets are often analyzed as homogeneous, they encompass products with very different economic characteristics, ranging from everyday consumer goods to luxury and investment-oriented assets. The study adopts a segmented approach and analyzes wine markets across major producing regions, including Bordeaux, Napa Valley, Mendoza, and Chile’s Central Valley, allowing for a comparison between Old World and New World producers. Empirically, the research combines wine price data with key macroeconomic indicators such as inflation, GDP growth, interest rates, exchange rates, and measures of economic uncertainty, and applies econometric methodologies adapted to data structure, including panel fixed-effects and cross-sectional regressions. In addition to price analysis, complementary demand-side models based on consumption and export data are incorporated to provide a structured and comparative assessment of how macroeconomic conditions interact with wine market segmentation.