Date£º
2014-04-11 11:29 Source£º
thedrinksbusiness Author:
Lauren May Translator:
China is now the world¡¯s second biggest consumer of high-priced wines, following the US, according to a report prepared ahead of international wine show, Vinexpo.
The Chinese, including buyers in Hong Kong, were second only to the US for their willingness to spend US$10 or more on a bottle of wine, according to a report in the South China Morning Post.
Its positioning comes shortly after China was declared the world¡¯s biggest consumer of red wine, overtaking France last year consuming 155 million nine-litre cases in 2013.
The Chinese wine market is now fifth in the world following significant growth in recent years.
Guillaume Deglise, Vinexpo chief executive, said: ¡°We cannot expect the market to have more three-digit growth, but we can still expect the growth to continue¡±, adding that he believed people were still ¡°afraid of the new laws and regulations,¡± following austerity measures introduced by the Government.
According to the report, China¡¯s spending on more expensive wines surged almost 430% from 2008 to 2012, with further growth of 60% expected by 2017.
British drinkers were listed as world¡¯s third pricey wine purchasers followed by France and Canada.
Of the wine consumed in China, 90% is red, a trend attributed to the belief in its health benefits, however Deglise said that could change as China¡¯s palate matures.
He said: ¡°China is like Japan 20 years ago. The Japanese started with red but the market is now very mature with a huge space for white, ros¨¦ and sparkling.¡±