{"id":21702,"date":"2014-11-17T03:53:35","date_gmt":"2014-11-17T02:53:35","guid":{"rendered":"http:\/\/www.w-t-w.org\/en\/?p=21702"},"modified":"2014-11-17T03:54:27","modified_gmt":"2014-11-17T02:54:27","slug":"21702","status":"publish","type":"post","link":"https:\/\/www.w-t-w.org\/en\/21702\/","title":{"rendered":"Sell Wine? Charge More. Get a Good Bottle Design. Brand It."},"content":{"rendered":"

Elliott Morss writes:\u00a0 The evidence from blind tastings of wines people like and their ability to tell differences between wines is growing rapidly.<\/p>\n

Goldstein et al, based on data from 6,000 blind tastings, found: \u201cIndividuals who are unaware of the price do not derive more enjoyment from more expensive wine. \u2026we find that the correlation between price and overall rating is small and negative, suggesting that individuals on average enjoy more expensive wines slightly less\u2026.\u201d<\/em><\/p>\n

More recently, Ashton has taken another look at Goldstein findings and provides data that reinforces them.<\/a>\u00a0\u00a0 Lecocq and Visser analyzed data from three data sets totaling 1,387 observations on French Bordeaux\u2019s and Burgundies. They report similar findings:\u00a0 \u201cWhen non-experts blind-taste cheap and expensive wines they typically tend to prefer the cheaper ones.\u201d<\/em><\/a><\/p>\n

The evidence suggests most people cannot tell one wine from another when only using sensory organs. So what really adds to wine\u2019s value? Like doctors\u2019 recommendations, there appear to be significant wine \u201cplacebo effects<\/em>\u201d from brand, label, price, country of origin, high ratings, and the recommendations of wine store staff.<\/p>\n

If most wine is consumed with food and food changes the taste profile of wines, why are most tastings done \u201cin isolation\u201d? Sipping wines loaded with tannin (like Barolos) is not fun.\u00a0 Such wines taste much better with food.<\/p>\n

In tastings of the Lenox Wine Club, we tried to get tasters to consume wine with food before scoring the wines.\u00a0 It did not work.\u00a0 The tasters viewed the tastings as \u201cwork\u201d and wanted to complete them before food and socializing at dinner.<\/p>\n

    \n
  1. When eyes, tongue, and nose are used to taste wines, price makes no difference: people like inexpensive wines just as much as expensive wines.<\/li>\n
  2. Limited evidence suggests further that when tasters are blindfolded (using only tongue and nose), 25% of tasters cannot tell the difference between red and white wines.<\/li>\n
  3. Like women\u2019s perfume, pocket books and sun glasses, wines are a \u201cfashion good.\u201d<\/a>[7] That is, external signals, such as price (higher better), brand name, shape and color of bottle, ratings, wine salesmen, and country of origin all add value. Rough calculations suggest that of the roughly $250 billion of wine sales annually, $100 billion is attributable external \u201cfashion\u201d signals. People are starting to realize they can find good wines for $10, but as long as people are ignorant, vain, and insecure, there will be a \u201cfashion premium\u201d for wine.<\/li>\n<\/ol>\n

    \u00a0\"What's<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

    Elliott Morss writes:\u00a0 The evidence from blind tastings of wines people like and their ability to tell differences between wines is growing rapidly. Goldstein et al, based on data from 6,000 blind tastings, found: \u201cIndividuals who are unaware of the … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":22,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[23,13],"tags":[],"class_list":["post-21702","post","type-post","status-publish","format-standard","hentry","category-entrepreneurs","category-finance"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t