[轉]Chinese corruption crackdown, bad harvest leads to Bordeaux wine sales fall

fatloong

Fatloong remarks:

1) EUR was in sharp decline during 2014, so if stated in USD or RMB, the value drop should be much greater, may be as much as 30% instead of 13%.
2) Simple calculation: 685m bottles for EUR3.74bn = average price of EUR5.46 per bottle (should be ex-cellar price)   This already include the impact from out liners like Lafite, Petrus, Le Pin etc, so it should be clear to everyone what is typical Bordeaux.  The expensive ones are the exception rather than the norm.
3) Hope we can have more reasonable priced Bordeaux soon

http://www.theguardian.com/world ... aux-wine-sales-fall

Sales of Bordeaux wines fell sharply last year, winemakers said on Thursday, blaming a poor harvest in 2013 and rapidly slowing demand in China, its main export market.  A total of 685m bottles of Bordeaux were sold in 2014 – an eight-percent drop on the previous year, according to the CIVB association of Bordeaux winemakers.  The total value of the wine sold came to 3.74bn euros ($4 bn), a decline of 13% compared to 2013, the association added.

“This drop was expected due to the poor harvest in 2013,” said Bernard Farges, head of the CIVB. “We can’t sell wine we haven’t produced.”  Exports, particularly to China and Hong Kong, hammered the overseas sales picture, with declines of 9% in terms of volume and 17% in terms of value.  A crackdown on corruption by China’s new leadership has hit sales of Western luxury goods – including top wines – as lavish gifts were often used to curry favour with officials.

The volume of Bordeaux wine was slashed by a fifth last year in China, for several reasons, according to Farges.  “The Chinese market, which has had an incredible rise since 2005, had to slow down,” said Farges.  He acknowledged that the “anti-corruption policy of the Chinese government” had hit “the most expensive wines” but also pointed to increased competition from New World wines such as Australian and Chilean vintages.  However, there was also a natural deceleration of the market, he stressed.

Several people set themselves up in China as importers of French wine in 2010 but found a slowing market.  “As a consequence the stocks are taking time to run dry,” he said.  Around 300 Chinese importers of French wine have recently gone out of business, said CIVB’s representative in China, Thomas Jullien.

The growth in the Chinese wine market has been exponential – from 2,000 hectolitres in 2000 to 538,000 hectolitres in 2012 when it reached its highest level.  The Bordeaux wine houses did slightly better on home turf – which accounts for 58% of overall sales – with sales in France down 6% in terms of volume and down two percent in terms of value.

Looking forward, the CIVB expects 2015 to be “difficult”, as it will “still be impacted by the weak harvest of 2013.”  Nevertheless, the association said there were some encouraging signs.  These included “a 2014 harvest of great quality, low stock levels, stable prices in our core market while other French wine-producing regions have rising prices and a very favourable euro/dollar exchange rate.”  The level of the euro has plunged dramatically against the dollar and other currencies in recent months, making exports much more competitive.

Bordeaux wines account for almost half the French wine sold abroad – 39% in terms of volume and 49% in terms of value.

HKOXSEX

收藏好時機了

LasCases

又可以入貨了。

gooseling

My friend who is a cellar owner said that his business had gone down to 20% in 2015, a decline of 80%.