Exclusive news and research on the wine, spirits and beer business

China Cuts Back On Big-Buck Bordeaux

April 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.

Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.

Tagged : , ,

Get your first look at 2017 data and 2018 projections for the wine and spirits industries. Order your 2018 Impact Databank Reports. Click here.

Previous :  Next :