SPANISH VINES: COLOMBIAN MARKET ENTRY

Professors Martin Roth, Darla Moore School of Business, and Dominique Turpin prepared this case as a basis for class discussion rather than to illustrate either effective or ineffective handling of a business situation.

Josh Hackler, the CEO and founder of Spanish Vines, a wine importing and marketing company, gazed at the vineyard landscape paintings in his Manhattan office. For over six years, he had been successful at steadily expanding his product line and distribution in the highly competitive US market. While there was still much work to do at home, he was captivated by an opportunity to grow Spanish Vines internationally. In particular, the recent removal of the value added tax on European wines presented the possibility of gaining an early mover advantage if he introduced his Spanish wines into the Colombian market.

While Argentinian and Chilean wines were already present in the Colombian market, they often carried the low-quality, low-cost cache commonly associated with non-European wines. Hackler’s Spanish wines, in contrast, might benefit from their European lineage and Colombians’ affinity for Spanish culture. This would enable him to position them as high-quality, high-value wines that would bring the Spanish lifestyle to Colombian wine drinkers at affordable prices.

Success in Colombia would be more likely if he and his team could leverage some of their key success factors in the US. Using grassroots and social media marketing programs and effective on-trade distribution, they had effectively targeted US Generation X and Millennial consumers with quality Spanish wines positioned to deliver an authentic Spanish lifestyle. In short, Hackler questioned the attractiveness of the Colombian wine market and the best way for his company to target customers in terms of message and media.

Copyright © 2013 by IMD, Lausanne, Switzerland (www.imd.org). No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means without the permission of IMD.

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Spanish Vines

While studying abroad in Spain during his college education, Josh Hackler’s fascination with Spanish lifestyle and culture fermented into a business model for exporting wine. Hackler recalled the origins of the business that became Spanish Vines:

I studied abroad in Oviedo, Asturias, a beautiful city in Northern Spain. Each Wednesday, I would gather with fellow students for lunch at a small restaurant called La Cata del Milan. La Cata boasts a broad offering of Spanish wines and every time I visited, I would grill the waiters for details about the week’s featured vintage. After a few weeks of kindly enduring my enthusiasm, I suspect the staff thought to make me someone else’s problem and introduced me to Javier, the restaurant’s owner. My Spanish was barely coherent at the time, and his English was little better, but our respective visions – and the passion needed to realize them – were instantly recognizable to one another. It would not be long after this first meeting that Javier and I would sit together and map out the concept for Spanish Vines. The result is a unique approach that keeps us traveling the diverse regions of Spain, in search of the finest wines this beautiful country has to offer … with the aim of introducing them to consumers elsewhere so they too can vicariously enjoy a taste and culture of Spain.

With its genesis in 2006 and first official sales in 2009, Spanish Vines’ entrepreneurial heritage defined the company’s strategies and message. In 2008, BusinessWeek named Hackler the 4th Best Entrepreneur under the Age of 25 in the US. The same year he was also featured in Entrepreneur magazine and highlighted in US News and World Report as one of the nation’s top young entrepreneurs. The company’s vision statement read:

We connect the American consumer to Spain by pioneering its authentic story through an innovative combination of a traditional wine importer, a direct-to-consumer wine club offering and Spain travel.

Spanish Vines had experienced steady sales growth as shown in Exhibit 1. By the end of 2012, it sold 10 wines under 6 unique labels, all of which were house or company-owned brands (refer to Exhibit 2 for brand portfolio information). After an initial phase of product line growth that included both house and partner wines, the company had shifted its emphasis to house brands over which it had more control. As Hackler explained:

Consumers are unfamiliar with the brand names until we introduce them. As such there is no inherent brand equity in partner labels until we create it. As long as we can support a brand story internally, house branding offers us more value.

Samples of Spanish Vines’ wine labels are shown in Exhibit 3. The Spanish Vines Tempranillo (red) wine received a silver medal in the 2006 Madrid International Wine Fair and it was recognized by Wine Enthusiast as a “Best Buy” among Spanish wines. The brand portfolio ranged in price from $8 to $30 per bottle (retail prices).

Spanish Vines wines were sold to over 1,000 accounts in eight US states and the District of Columbia. And according to Spanish Vines’ president Todd Stuart:

We are actively targeting 11 more states for entry, and have identified 13 others for future distribution. Collectively these states will cover a footprint encompassing 94% of the wine- consuming population.

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However, alcoholic beverage distribution in the US was regulated by state, thus creating unique rules and regulations in each state. For example, Spanish Vines was distributed through Southern Wine and Spirits in six states, but Southern did not have a license to operate in some large states such as Georgia and Texas. “Each state thus requires its own development and set of relationships,” noted Stuart.

Based on a competitive assessment of traditional Spanish wine importers and mass-volume producers (refer to Exhibit 4), the Spanish Vines strategy was built on four pillars:

First, Spanish Vines owned its brands. Working with local Spanish producers, wine was bottled at Spanish vineyards with labels owned and controlled by Spanish Vines. Over 90% of the company’s volume was accounted for by its own brands. Second, Spanish Vines managed a portfolio of brands that covered a range of wine types (varietals), quality levels and price points. Because Spanish Vines either owned or had exclusive distribution of all of the brands it sold, it had complete discretion on its product positioning and marketing. Third, Spanish Vines sourced products from local producers, so the company owned no land or wineries. Thus, it had few assets on its balance sheet and minimal inventory costs compared to most companies that produced their own wines. Fourth, much of Spanish Vines’ volume followed a just-in-time distribution model in which product was imported to US distributors directly from the Spanish winery. Thus, Spanish Vines did minimal physical product movement, and circumvented inventory and shipping activities. In 2012 Spanish Vines had six full-time employees. As Hackler explained:

We are quintessentially a marketing company. We can dedicate our efforts to customer-focused product development and brand building, leaving the production and distribution expertise to others.

Spanish Vines primarily targeted the customer segment commonly described as Millennial (born from the late 1970s through to the early 2000s) and Generation X (born from the early 1960s through to the late 1980s) consumers. The company’s research indicated that 62% of Generation X (Gen X) consumers and 51% of Millennials drank wine at least once a week. Gen Xers were less interested in a wine’s prestige or brand than their predecessors, the Baby Boomers.

Millennial and Gen X consumers’ wine selection was often motivated by discovering novel products with unusual origins, a compelling background story and authenticity, and idea sharing contributed to shaping their opinions. Both segments were particularly tech-savvy; 83% of Millennials and 59% of Gen Xers actively used social media. Thus, variety seeking, social engagement and word of mouth were key purchase drivers. To this end, Spanish Vines utilized or had in development a number of pull marketing techniques to create a lifestyle associated with Spanish wines and in particular the Spanish Vines brands. Grassroots marketing was employed rather than traditional broadcast and print media. The Spanish Vines website provided content on the company’s history, wineries and brands, with further developments underway. Additional storytelling (i.e. editorializing the brands) was accomplished by speaking directly with customers through a blog entitled “Wine to Wine” and an e-newsletter entitled “Inside the Vine.” And through social media, Spanish Vines delivered its blind tasting and rating program on its “Real People Real Ratings” Facebook page. It was also in the process of creating a “wine club” to begin a diversified strategy of driving revenues via the Internet, and to engage in conversation with customers while offering them exclusive online products and experiences.

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Global Wine Industry

Worldwide wine revenues were $61 billion in 2011. The global wine industry was maturing and was showing signs of transitioning into the decline stage of its lifecycle.1

Industry revenue and value added had grown slower than the general economy over the past five years.

Retail establishment numbers had fallen over the past five years.

The range of product offerings was relatively stable; many large operators had begun consolidating their products.

Technology change was moderate; larger operators used technology to reduce labor costs and increase productivity.

Consumer acceptance of products had grown rapidly due to changing tastes, lower prices and greater consumer wine knowledge.

Wine had historically been produced and consumed in European countries. EU countries such as France, Italy and Spain were major producers and were often referred to as the old world in the wine industry. Along with Germany and the UK, they were also the largest national consumers of wine. Italy, France and Spain were the largest wine exporting nations, accounting for 21%, 17% and 17% of wine traded by volume respectively.2 Throughout the old world countries, however, wine consumption rates were on the decline.

Other countries represented the new world in the wine industry. Argentina, Australia, Chile, New Zealand, South Africa and the United States had become major wine producing and consuming nations. Argentina and Chile combined accounted for 11% of global wine exports by volume while Australia and New Zealand combined accounted for a further 10%.3 (Wine production data by region is shown in Exhibit 5, and the evolution of the old to new world order in wine is depicted in Exhibit 6.)

In many non-producing nations and relatively new producing nations, the wine industry was growing as people shifted from other alcoholic beverages to wine. This rise in interest was largely due to better marketing of the product and the intriguing differences between wines, which encouraged consumption. At the same time, consumption in a number of EU countries was declining.

Competition was very fragmented and differed considerably from country to country. The largest global producers, Treasury Wine Estates Limited and E. & J. Gallo Winery each had less than 5% global market share. Like other large competitors, they produced many types of wines and marketed them under numerous labels or brand names.

1 IBISWorld. “Global Wine Manufacturing: Market Research Report.” IBISWorld Industry Report C1123-GL, May 2012. 2 IBISWorld. “Global Wine Manufacturing: Market Research Report.” IBISWorld Industry Report C1123-GL, May 2012. 3 IBISWorld. “Global Wine Manufacturing: Market Research Report.” IBISWorld Industry Report C1123-GL, May 2012.

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A major challenge for small wineries and especially new entrants was to find retail outlets that would offer their brand. In the wine, beer and spirits industry, retail channels were typically classified as on trade (or on premise) versus off trade (or off premise). The key distinction between these two types of channels was whether the beverage was consumed where it was purchased (on trade, e.g. a bar, café, pub or restaurant) or not (off trade, e.g. a retail store and consumed at another location such as a residence).

For small wineries, it was difficult to secure retail distribution in major supermarkets or other high volume outlets. Therefore, they often focused their efforts on wine specialty stores and restaurants that emphasized quality and variety, though they typically stocked only limited lines. Online sales, accounted for a small amount of wine volume, but they were forecast to grow robustly. Smaller wine makers could benefit from this emerging distribution channel through effective marketing of differentiated products.

Spanish Wine In the past, much of Spain’s wine was of the bulk variety, meaning that it was produced and sold like a commodity rather than as branded products. With Spain’s entry into the European Union, grape quality increased with the adoption of modern wine making techniques, better industry communication and elevated worldwide attention. One of the best-known Spanish wine regions was Rioja, which produced red wines made from Tempranillo and Garnacha grapes. White wines are primarily made from Viura grapes. Sherry, a fortified wine, was made primarily form the Palomino grape in the Sherry district in southern Spain around the city of Jerez de la Frontera.

Spain was one of fastest growing wine exporters. This was due to falling domestic consumption, in large part owing to a prolonged economic recession and rising production. The difference between production and consumption (measured as a percentage of production) increased from an average 58% between 1996 and 2000 to an estimated 63% in 2011.4 France was the number one importer of Spanish wine. Spanish wines sales were growing in the US, reaching $250 million in 2011, with double-digit growth expected over the next five years (refer to Exhibit 7).

Colombia–EU Free Trade Agreement Historically, imported wines were subject to a 20%–25% VAT (value added tax) in Colombia. Essentially the VAT increased the cost of imported goods and ultimately increased its retail price. The high VAT had made Spanish and other EU-based wines uncompetitive in Colombia (except at the very high end of the market where price was not a key purchase driver). However, a 2012 free trade agreement between the European Union (EU) and Colombia and Peru eliminated the VAT for many products, including wine. According to a European Commission release:5

In June 2012, the EU signed an ambitious and comprehensive Trade Agreement with Colombia and Peru. Once fully implemented the Commission estimates that the trade deal will relieve EU exporters of €270 million in duties annually; it will further open up markets on both sides as well as increase the stability and predictability of the trading environment.

4 IBISWorld. “Global Wine Manufacturing: Market Research Report.” IBISWorld Industry Report C1123-GL, May 2012. 5 “Andean Countries.” European Commission. <ec.europa.eu/trade/creating-opportunities/bilateral- relations/regions/andean/> (accessed September 3, 2012).

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This Agreement is estimated to be worth half a billion Euros in duties saved alone and is expected to boost Colombia and Peru’s economies by close to 1% of GDP. Above all, it recognises that the partnership between the EU, Colombia and Peru is based on the respect of democratic principles, fundamental human rights and the respect for the principle of the rule of law.

This historic agreement was not without controversy. Colombia’s history of corruption and human rights issues raised concerns among certain constituencies such as the European Trade Union Confederation:6

In Colombia, union leaders and labour activists continue to be assassinated, threatened, and intimidated, and the perpetrators enjoy almost complete impunity. The appalling levels of violence negate in reality any promises for the free exercise of fundamental labour rights, including freedom of association. Although the European Parliament has called for a binding action plan on the improvement of labour and other human rights, ETUC calls for “this to be undertaken before further hasty steps are taken.

Nonetheless, elimination of the VAT made importing EU products into Colombia much more economically attractive.

Colombian Economy and Wine Industry

Colombia had experienced consistently positive economic growth for the past decade. As a result, the country was often cited as one of the most attractive emerging markets. Drivers of the Colombian economy included coffee bean production (it was the second largest producer in the world behind Brazil), dairy products manufacturing and intermediate and consumer- ready food products such as sauces, spices, cereals and baked goods.7

Approximately 35% of Colombian households were classified as affluent while 38% were middle class.8 The Colombian middle class was predominantly young (half were under 25 years old) while affluent households included more members between 25 and 64 years of age.

Traditionally Colombia’s alcoholic beverages market had been dominated by beer and distilled spirits. While still a small sector of the alcoholic spirits market by volume, wine was more attractive from a sales revenue perspective (refer to Exhibit 8). Colombian’s interest in wine was evident in a 46% increase in per capita consumption between 2006 and 2011.9 This growth had not gone unnoticed; local manufacturers and foreign producers were looking to drive and take advantage of this expanding market. As such, competitive intensity was expected to increase as well.

6 “EU-Latin America trade deals in troubled water.” EurActive, July 4, 2012. <www.euractiv.com /global-europe/eu-latin-america-trade-deals-tro-news-513602> (accessed September 3, 2012). 7 Mergent. “Latin America Food & Beverage Sectors.” Industry Report – Food & Beverage, Mergent Inc., August 2011. 8 “Colombia.” In Latin American Economic Outlook 2011: How Middle-Class Is Latin America? OECD Publishing, December 3, 2010. <dx.doi.org/10.1787/leo-2011-14-en> (accessed March 13, 2013). 9 “Passport: Alcoholic Drinks in Colombia,” Euromonitor International, January 2012.

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Foreign wines dominated the Colombian market. The four main countries from which wine was imported were Chile (59%), Argentina (25%), Spain (7%) and France (3%).10 In 2011 foreign wine sales experienced double-digit growth.11

Wine consumption patterns in Colombia were evolving.12 One out of five men preferred to drink wine only with meals and at restaurants. Consumption at meals was increasing, and it was no longer limited to social gatherings or special occasions, as had been the case. Wine had also become increasingly viewed as a good cocktail mixer for beverages (e.g. sangria, bellini, mimosa). The legal drinking age in Colombia was 18 years of age, and the average daily wine consumption was greatest in the largest Colombian cities of Bogota and Medellin, both of which had populations exceeding five million people.

Women represented 51% of the Colombian population, and 42% of the working population. As women continued to become more financially independent, they represented an interesting niche for alcoholic drinks. According to Euromonitor,13 in 2011 wine gained more presence on retailers’ shelves, and imported brands like Arbor Mist, Boones, Suá and Frenesí were included. These products appealed to young women who were looking for a refreshing product with low alcohol content and fruit flavors. One in three women consumed wine regardless of time of day.14

The Colombian Challenge

Hackler and Stuart identified a number of market characteristics they felt could either contribute to or hamper their success in Colombia.

Consumer Attitudes

A number of factors typically accounted for wine demand. These included disposable income, demographics, lifestyle, leisure time availability, health considerations and price. Marketing, word of mouth and awards or ratings from respected wine critics most often influenced wine consumers. In the US, studies showed that consumers’ wine purchasing decisions were complex, based on a number of product features and attributes (refer to Exhibit 9). US consumers’ attitudes tended to vary regarding wine prices, packaging, food pairing and domestic (predominantly Californian) vs. foreign wine (refer to Exhibit 10). Furthermore, their opinions of wines originating from different countries contrasted quite a bit, especially between old and new world locations (refer to Exhibit 11). Given Spanish Vines’ intent to target the Gen X and Millennial segments in Colombia, it suspected a high degree of similarity with its US customer base. But how could Spanish Vines best reach and communicate its brand message to Colombian consumers?

10 “El vino, negocio en expansión.” Portfolio.co, March 20, 2012. <www.portafolio.co/detalle_archivo /DR-40101> (accessed September 4, 2012). 11 El vino, negocio en expansión.” Portfolio.co, March 20, 2012. <www.portafolio.co/detalle_archivo /DR-40101> (accessed September 4, 2012). 12 “Bogotanos son los que más consumen vino.” Dinero.com, September 6, 2012. <www.dinero.com/ negocios/tecnologia/articulo/bogotanos-mas-consumen-vino/153060> (accessed September 4, 2012). 13 “Passport: Alcoholic Drinks in Colombia,” Euromonitor International, January 2012. 14 “Bogotanos son los que más consumen vino.” Dinero.com, September 6, 2012. <www.dinero.com/ negocios/tecnologia/articulo/bogotanos-mas-consumen-vino/153060> (accessed September 4, 2012).

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Distribution

The focus of Spanish Vines’ early distribution efforts was on-trade distribution. Only after gaining market penetration on-trade was it able to begin approaching off-trade channels with a compelling story and start capturing retail store shelf space. This on-trade followed by off- trade evolution was common for the majority of niche and specialty wines. The situation appeared to be similar in Colombia. New wine brands typically entered via on-trade channels. (Exhibit 12 provides 2006–2011 data on the number of on-trade wine retail establishments in Colombia.) In Colombia, it was very common for restaurants to place a bottle of wine on each table before customers arrived. As Hackler noted:

I would be surprised if our entrée into Colombia did not first involve on-trade distribution in restaurants and pubs in major Colombian cities. Of course, we will look to open specialty retail distribution in those locations too. But I expect large scale distribution through hypermarkets or large grocery chains will not occur immediately.

Interestingly, wine was gaining popularity in Colombia’s delivery channel, particularly with pizza operators, which offered combinations of pizza and a bottle of wine instead of a carbonated drink.

Communication Media and Regulations

Similar to the US, Hackler and Stuart had not identified any restrictions on using the Internet and social media for engaging customers in brand-building activities for wine. However, they identified two Colombian regulations regarding alcoholic beverage advertising messaging and timing:15

Advertising for alcoholic drinks is regulated by Ley 30 de 1986 and Ley 124 de 1994, which state that all advertising campaigns for these products must carry the following statements: “El exceso de alcohol es perjudicial para la salud” (“Excess alcohol is harmful to health”) and “Prohíbase el expendio de bebidas embriagantes a menores de edad” (“The sale of alcoholic drinks to minors is prohibited”).

In regards to TV advertising, the Circular 001 de 2006 of Comisión Nacional de Televisión establishes the hours and conditions in which TV advertising for alcoholic drinks is allowed. Advertising can be transmitted one month before the celebration of an event being sponsored by a product, between 21:30 hours and 05:00 hours, and during the event itself. For indirect advertising, the permitted hours are between 22:00 hours and 5:00 hours of the next day. Direct advertising is prohibited.

Hackler wondered if the grapes in the vineyard landscapes adorning his office walls could satisfy the palates of Colombian consumers. Was the Colombian opportunity the right one to begin expanding Spanish Vines’ international footprint? If so, should he launch with house brands, partner brands or both? And what message and media could he use to tell the Spanish Vines story and make his first venture into Latin America a success?

15 “Passport: Alcoholic Drinks in Colombia,” Euromonitor International, January 2012.

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Exhibit 1 Spanish Vines Sales, 2009–2012

Source: Company records

Exhibit 2 Spanish Vines Wine Portfolio

Brand name Channel Description

Spanish Vines On and off premise

Company’s pioneer brand; Spain’s varieties at a value: • Verdejo • “Un-oaked” Tempranillo • Crianza Tempranillo

Aderezo On premise • “Un-oaked” Ribera del Duero Amarte Mas On premise • Albarino from Rias Baixas

Encender On premise • Reserva from Rioja

Vina Broco On premise • “Old Vines” Mencia from Bierzo

Canals Canals On premise Exclusive national distribution contract: • Cava Brut Classic • Reserva Rose

Cinco Josés Off premise Unoaked Spain with old vines complexity• “Old Vines Garnacha” Source: Company records

Ca se s

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Exhibit 3 Spanish Vines Brand Labels (Brand Portfolio)

Source: Company records

Exhibit 4 Spanish Vines Competitive Value Matrix

Source: Company records

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Exhibit 5 Global Wine Production by Country, 2008

Source: IBISWorld. “Global Wine Manufacturing: Market Research Report.” IBISWorld Industry Report C1123-GL, May 2012, page 19.

Exhibit 6 Evolution of the Global Wine Industry

Source: Company records

Region Percentage

Europe 68.2

South America 10.2

North America 8.3

Africa & Middle East 4.2

Oceania 4.1

North Asia 3.8

India & Central Asia 0.6

South East Asia 0.6

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Exhibit 7 US Wine Imports

Source: Company records; based on Gomberg Frederikson Report, September 2011.

Exhibit 8 Colombian Retail Spirit Market by Type 2011: Volume and Colombian Peso (COL$)

RTD Premixes = Ready to Drink High Strength Premixes COL$ in billions. 1 COL$ = 0.000562590 $, December 31, 2011

Source: “Passport: Alcoholic Drinks in Colombia,” Euromonitor International, January 2012, page 15.

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Exhibit 9 US Consumers’ Wine Purchasing Attribute Importance

It is a type of wine I know or like (e.g. cabernet, merlot, chardonnay, zinfandel) 86%

It is a brand I know 68%

Recommendation from family or friends 66%

Description on the label 53%

In-store sampling 53%

Low price 53%

It is from a particular country or region (e.g. Napa Valley, France, Chianti) 44%

Recommendation from retail staff 40%

Expert written recommendation/wine rating 34%

Look of the label 37%

It is fair trade certified 28%

It is organic 23%

Survey question: How important is each of the following attributes when buying wine? Percentages indicate how often consumers selected “very important” or “somewhat important” (i.e. top-two box scores). Base: 997 Internet users aged 21+ who drank wine in the last three months, July 2011. Source: “Wine – US – October 2011: Wine – Important Influence and Attributes.” Mintel, 2011. <oxygen.mintel.com/display/599180/> (accessed March 12, 2013).

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Exhibit 10 US Consumers’ Attitudes about Wine Price, Packaging, Food Pairing and Domestic vs.

Imported Wine

Price/value

More expensive wine often tastes better 43%

Imported wine is often out of my budget 35%

I do not find much difference between expensive and value priced wine 31%

I like to buy wines less than $5 25%

Packaging

I would prefer screw caps for wine bottles as cork stopper is hard to open 33%

I am interested in buying wine in recyclable PET (plastic) bottles 25%

I would drink boxed wine at home but would not serve it to guests 22%

I buy wine “casks” (boxed wine) to save money 21%

Wine/food pairing

Wine types (i.e. cabernet, merlot, chardonnay, zinfandel) need to be paired with the right kind of food (i.e. red meat, fowl, or fish) for me to enjoy them 42%

Domestic vs. imported wine

Imported wine is often better in quality than domestic wine 24%

Imported wine tastes better than domestic wine 24%

I only drink California wine 19%

Survey question: Using a scale of 1 to 5 where 1=strongly disagree and 5=strongly agree, please indicate your level of agreement with the following statements about wine. Percentages indicate how often consumers selected “strongly agree” or “somewhat agree” (i.e., top-two box scores).

Base: 997 Internet users aged 21+ who drank wine in the last three months, July 2011. Source: “Wine – US – October 2011: Wine – Important Influence and Attributes.” Mintel, 2011. <oxygen.mintel.com/display/599180/> (accessed March 12, 2013).

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Exhibit 11 US Consumers’ Wine Opinions – Country Associations

Country Quality% Sophistication

% Excitement/Fun

% Value for Money%

DK/No Opinion%

Survey question: Which of the following words would you say describe the wines from the following countries? Please select all that apply.

Base: 997 Internet users aged 21+ who drank wine in the last three months, July 2011. Source: “Wine – US – October 2011: Wine – Important Influence and Attributes.” Mintel, 2011. <oxygen.mintel.com/display/599180/> (accessed March 12, 2013).

Exhibit 12 Number of Colombian On-trade Establishments by Type 2006–2010

Outlets 2006 2007 2008 2009 2010

Total 25723 27988 29362 29546 30517

Source: “Passport: Alcoholic Drinks in Colombia,” Euromonitor International, January 2012, page 11.

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