Dear Client: The pandemic led to a huge boost in the direct-to-consumer wine shipping channel. In 2022, the channel experienced market normalization, with volumes down 10.3% and value down 1.6%, according to Sovos ShipCompliant's annual DTC report [see WSD 01-24-2023]. And that normalization will likely continue in 2023. "I'm not underplaying the significance of the [volume] decline, but I think it is more reflective of a return to a growth pattern that we may have seen without a global
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