China Cuts Back On Big-Buck BordeauxApril 15, 2013
The party’s over for Bordeaux first-growths in China. Chinese President Xi Jinping has told the country’s free-spending political elite to cut back on their extravagant lifestyle, leading to a sharp drop in demand for Bordeaux’s classified growths, with the first-growths taking a particularly hard hit under the new government’s austerity platform.
“Ostentatiousness is politically frowned on in China now,” said Simon Staples from British wine merchant Berry Bros. & Rudd. There’s been a “global slowdown on those very expensive wines.”
Wines costing $800 and above have been the most severely impacted, according to Don St. Pierre, Jr., chairman of leading importer ASC Fine Wines. But “most categories have been affected,” he said. “This is obvious when you look at the 2012 import figures versus 2011. This is not just affecting the most expensive wines. This is affecting all wines that were used for government and government-owned business entertainment.” Click here for the full story in Wine Spectator.