The global fine wine sector is in rude health and will remain so despite the current economic upheaval – at least in its own eyes.
A newly released report suggests 90 percent of respondents – all involved in the upper end of the global wine industry – were taking a bullish approach to the next year, even though economists are warning of more pain in the pipeline for households in the coming 12 months.
The 2022 Gérard Basset Global Fine Wine Report – produced by the Gérard Basset Foundation – polled 943 "leading global fine wine market players", including 56 Masters of Wine, 32 Master Sommeliers, 72 Advanced Sommeliers and 250 WSET Diploma holders about how they foresaw the coming year for fine wine and the responses were optimistic; 60 percent said the outlook was positive, while another 30 percent called it "very positive".
Just 4 percent went for a negative prospect, while the other 6 percent were neutral.
In fairness to the respondents, they were polled on their predictions back at the start of the year, when the global economic outlook was substantially rosier than it is now. Respondents were particularly convinced of the overall strength of the fine wine market, rising demand for fine wines, increased quality of fine wine consumed globally, and growing levels of investment in fine wine. Economic recovery after the disruption occasioned by Covid was also a reason for optimism given by many.
To read full article, click HERE.