Naturally there are exceptions. New niche markets, without significant supplies, are Giffen goods. By example, the food CSAs do not reduce the price of anything. The green wave of consumers is larger than the supply in this recession.

In economics and consumer theory wines are Giffen goods. Wiki says, “[W]hich people consume more of as price rises, violating the law of demand. In normal situations, as the price of such a good rises, the substitution effect causes people to purchase less of it and more of substitute goods. In the Giffen good situation, cheaper close substitutes are not available. Because of the lack of substitutes, the income effect dominates, leading people to buy more of the good, even as its price rises.”

Question, are you concerned about any economic issues? If so what grape variety? Pinot Noir?

Wine economist.

“Buying less”, “cutting back”, “seeking value”, or any other of the hundreds of terms people have used to describe consumer purchasing behavior during a recession apply, but not trading down, which is the opposite of trading up (see above definition).