Wholesaler Optimism Takes a Dip

Dear Client: During the third quarter of 2014, we reported that wholesaler optimism levels were the highest they've been since 2012. At the time, 56% of wholesalers were "much more" or "somewhat more" optimistic about the short term outlook for wine and spirits, but that number has fallen to 27% in UBS's most recently quarterly wholesaler survey. It's the least optimistic score UBS has seen since December 2009. VOLUME PREDICTIONS: 47% of wholesalers feel that volumes are trending better, which