Talking of wines, the question; does the price of the wine ascertain the quality of the wine? This is an issue wine buyers always ask about. They lack complete information and these results in using differing methods to determine the quality of wine. Some determine the quality of wine by its packaging, while some ascertain the quality by the demand of the product in the market.
Wine buyers tend to believe that if a product's demand is high, it means the quality of the product is unique as well.
Another major determinant of the quality of the wine is the price.
Wine buyers also believe that the higher the price of the wine, the higher the quality. For example, if wine buyers see wine that costs 10 dollars and sees another that goes for 5 dollars, they would prefer to go for that of 10 dollars because they believe it has a higher quality.
They feel that its higher cost makes it better than the other one which is on par with the law of demand which states the higher the cost, the lower the quantity on demand and vice versa.
There are different products of wines, and they vary in prices, now the question is why do they vary in prices. There are some factors that can determine the price of wine. Another issue that should be inquired of is do the factors affecting the price of the wine also identify the quality of the wine?
All these questions will be taken care of in this article.
The location of where the raw materials used in the making of the wine are gotten from is a major determinant of the price of the wine. Grape which is the major material used in the production of wine can easily be grown in some regions but cannot be cultivated in other areas. This could make the taste of the grape from one region entirely different from that of another area.
These factors make it very expensive. It significantly affects the final price of the wine's finished product. Wine gotten from regions suitable for growing grapes is usually of more quality. Thus it is important to ask where the wine is coming from.
Wine derive from a single region is often more expensive than that obtained from grapes from different areas. Wine-derived from grape that is diluted is always of low quality and price.
Oak barrels are another factor influencing the price of the wine.
The cost of aging and barrels are added to the final price of the wine which makes it more expensive. Wines that haven't been soaked in barrels are relatively cheaper to those that have been aged in another oak barrel.
Aging is another factor that determines the price and quality of wines.
Wine can be kept in the winery cellars for over nine years after bottling. Wine that has not been aged for long will be cheaper compared to wine that was kept to age for a long time.
Packaging is another factor that determines the quality and price of wines.
A winemaker who makes wines of high quality will go for standard bottling and labeling while wine that which isn't of good quality will go for a lesser one.