Wednesday, 21 August, 2024
Wine Spectator, Daniel Marsteller
Americans are being more cost-conscious when it comes to their bubbly, according to a report from Wine Spectator sister publication Shanken News Daily (SND). Champagne sales have been declining in the U.S. market, while Prosecco has been growing.
Champagne had been enjoying big gains in recent years in the U.S., with exports to America up 61 percent since 2020, well ahead of the second-largest export market, the U.K.
But sales slipped in the past two years. Now, after stabilizing in the first half of 2024, there could be renewed growth on the horizon. According to Impact Databank, total U.S. Champagne sales by volume declined 12.5 percent to 1.58 million cases in 2023. Champagne exports to the U.S. were down 20 percent by volume to 2.2 million cases and 14.5 percent by value to $890 million last year. One reason is that many producers and importers raised prices in 2023, when demand was high. But that collided with consumers' growing worries over inflation.
Industry leaders are hopeful, however, and see signs that a slowdown has ceased. “The double-digit declines caused by destocking and weakened consumer demand last year have eased in 2024,” Laurent-Perrier US president Michelle DeFeo told SND.
Click HERE to read the full article.