The price of wine is expected drop, thanks in part to a surplus of grapes in California.

The prices are the lowest they have been in the past five years, also due to lower demand as Americans opt for liquor and cocktails. According to the State of Wine Industry report, millennials don't drink as much wine, but with the lower prices, that may change.

The report also says wine prices could even be the lowest in the past 20 years.

It takes about five years for wine to go from the vine to the market, so it will take a while for supply and demand to even out.