NEW YORK, Nov. 10, 2016 /PRNewswire/ -- The Wine Bars industry has experienced gradual recovery over the past five years and has taken advantage of an evolving hospitality landscape. Although industry revenue is expected to decline at an annualized rate of 0.1% to $1.7 billion over the five years to 2016, revenue is expected to increase in coming years.
For the full report, visit IBISWorld's Wine Bars in the US industry report page. The Wine Bars industry consists of bars that primarily serve large selections of wine rather than draft beer and mixed drinks. According to IBISWorld Industry Analyst Nick Petrillo, "Although per capita expenditure on alcohol has grown minimally per year in recent years, the industry has achieved significant popularity with both the industry's youngest and oldest consumers… The industry is expected to increase an additional 0.3% to $1.7 billion in revenue during 2016." Over the next five years, conditions are expected to continue to be favorable for industry operators. "Wine bars have continued to spring up to cater to this growing demand. An estimated 1,222 wine bars are currently in operation throughout the United States," says Petrillo. Furthermore, wine bars are also comparatively less expensive to set up and require less ongoing expenses than a full-scale bar or restaurant, which has been a big advantage during periods of anemic economic growth. Downstream industries impacted: Consumers in the US Follow IBISWorld on Twitter: https://twitter.com/#!/IBISWorldFriend IBISWorld on Facebook: http://www.facebook.com/pages/IBISWorld/121347533189IBISWorld industryReport Key Topics Industry PerformanceProducts & MarketsGlobalization & TradeMajor CompaniesOperating ConditionsKey Statistics