硅谷银行：2025年葡萄酒行业DTC营销模式研究报告（英文版）

Starting in 2018, we began discussing this current market in the SVB State of the Wine Industry Report. Since most metrics then were improving, my cautionary comments were compared to what was observed at the time— improving industry sales. Some of our readers concluded that I was being overly pessimistic. That’s called recency bias. The belief that trees always grow to the sky when the sun shines. Of course, they don’t grow to the sky, but the opposite is true as well. Roots don’t grow to th