California winemakers are once again bullish on the future of their industry, predicting that business will revive within three years from a slump that began in 2007, reports Robert Smiley, dean and professor emeritus at UC Davis, Graduate School of Management.

Meanwhile, consumers can take advantage of unprecedented opportunities to purchase high-quality wines at significantly discounted prices, he said.

“There never was a better time to be a consumer of high-quality wines,” Smiley said, noting that during the past two years the prices of higher-end California wines have been reduced on average by 15 percent to 25 percent.