Wine industry is bullish despite challenges, survey shows

According to two surveys released by the University of California-Davis' School of Management, wine industry professionals show concern for grape shortages because of recent cooler weather.

But surveyed executives say discount pricing will remain in the foreseeable future because consumers and retailers have grown accustomed to lower prices prompted by the poor economy.

Despite the challenges, the report says 71 percent of respondents believe the economic health of the wine industry will show improvement in the coming year.

The school's dean, Robert Smiley, says that reflects a level of confidence that hasn't been seen since 2007.

Smiley presented the findings Tuesday at a Napa wine industry symposium.