WSET Level 4 D2 with 100% correct solutions 2024

Describe what happens when relative supply and demand change correct answers- When supply exceeds demand: price falls, consumer have greater choice of cheaper alternatives. Producers lower price to remain competitive. Fall in prices lead to increased demand in the long run - When demand exceeds supply: price increase, consumers willing to pay higher for some wines; others simply switch to another wine or a different alcoholic drink The general factors affecting demand for wine correct answers- Social - Economic - Legislative - Political List major social factors affecting demand for wine correct answers- Change in consumption habits - Change in consumer preferences - Change in reputation - Change in spending patterns Describe how global wine consumption habits have changed since 2001 correct answers- Rapid growth in the first part of 2000 - Fall after 2008 financial crisis as many consumers reduce spending on non-essential products - Slight decline in recent years and due to remain stable to 2021 - Strong growth in sparkling wine sales Top five countries for total wine consumption in 2017 correct answers- USA - France - Italy - Germany - China Explain the increasing wine consumption in USA in the last 20-30 yr correct answers- Increasing globalization of the food and drinks industry - Consumers more able and willing to embrace new tastes - Increases and improvement in wine production in the domestic market Explain the increasing wine consumption in China correct answers- Growing middle class showing wealth and status - move away from local drinks - Aspire to drink imported wine - Bilateral trade agreement with Australia, Chile etc