Data for "Price Determinants in Emerging Wine Regions: How Critical Ratings, Awards, and Local Agricultural Influence Market Value "

Initially, the authors collected relevant data from visiting 10+ wine shops on Colorado's eastern and western slopes. The wine stores were selected to provide a representative sample of Colorado’s wine market, covering over 10 Eastern and Western Slopes retailers. This included a mix of urban, suburban, and rural shops, independent stores, and regional chains known for carrying Colorado wines, to ensure broad market coverage. The authors collected data on all Colorado wines available in each store, including only those produced entirely from Colorado-grown grapes; wines labeled under the broader American AVA were excluded, even if produced in Colorado. The authors recorded the price for wines available in multiple stores as observed at each location without averaging or adjusting. In addition, the authors also conducted digital data extraction from 79 Colorado producers by recording price and product information directly from their official websites, which helped ensure complete coverage of available wines and provided a reliable complement to the in-store data. This approach aimed to capture a realistic market pricing snapshot across typical retail environments and direct-to-consumer producer channels. All price collections were done in 2023. This included an extensive data set of Colorado wine producers, including the following data points: price per bottle (750ML), vintage, style, varietal, critical rating, and producer region. Within this data set, there are 391 different wines and 79 different producers. The critical rating data was collected from the Wine Enthusiast website as well as manually by the author through the recording of the ratings from the shelf-readers at wine shops and cross-referencing with the Wine Enthusiast rating catalog (Wine Enthusiast, 2023). Wine Enthusiast only reviews wines that score 80 points or higher; anything below 80 points is deemed unacceptable and not included in the data set. Wine Enthusiast reviews are conducted anonymously in flights of 5-8 samples. The individual reviewers are unaware of the producer or price. However, they may have access to general information such as vintage, grape varieties, and region or appellation (Wine Enthusiast, 2023). In addition to collecting critical ratings, the authors gathered data from all Colorado Governor's Cup winners from its inception in 2014 through 2023, excluding 2020, when no competition was held. This data was collected from the Colorado Wine website (CWIDB, 2023). The Colorado Governor's Cup judges include sommeliers, wine writers, Masters of Wine, Master Sommeliers, and wine professionals from Colorado and across the country, who review and award wines from Colorado producers (CWIDB, 2023). All wines are produced from Colorado-grown fruit only and are judged blind by the expert panel (Colorado Department of Agriculture, 2023). The authors only used producers and wines from Colorado-grown grapes, omitting producers and wines from other fruits, ciders, meads, and grape products sourced externally. This is an attempt to represent the Colorado wine market and the agricultural impact of this industry; it also reflects the current pricing market of Colorado wine compared to the national and global statistical averages. Because of this exclusion of other fruits, ciders, meads, and, most notably, wines produced from material external to the state of Colorado, which includes grapes and bulk juice sourced from other states and countries, many producers and individual wines were eliminated from the data set and the resulting analysis. With this focus in mind, the resulting data set represents a comprehensive sample of most of the wineries producing products with Colorado-grown grapes in the state.