Champagne sales dropped this year and French industry executives believe the world is suffering through a malaise with fewer things to celebrate. “LVMH is having Champagne problems,” reports Business Insider. “Chief financial officer Jean-Jacques Guiony thinks it could come from fewer celebrations for people to pop the bottle.
” Although sparkling wine sales increased by 16 percent, year-over-year Champagne sales dropped by 15 percent during the first two quarters of 2024. “Champagne is quite linked with celebration, happiness, et cetera,” LVMH CFO said on an earnings call. “Maybe the current global situation, be it geopolitical or macroeconomic, does not lead people to cheer up and to open bottles of Champagne.
I don’t really know.” LVMH is the world’s biggest Champagne producer, per Business Insider, and behind such brands as Dom Pérignon, Krug, Ruinart, Veuve Clicquot, and Mercier. “During the first half of this year, Champagne shipments decreased by 15.
2% compared to 2023,” the report adds. This drop is “attributed to economic uncertainty and inflation affecting consumer spending, said David Chatillon, chairman of the Champagne Houses lobby.” Nothing about this is very surprising.
A waiter serves Champagne in one of the single compartment inside the train Belmond Venice Simplon Orient Express luxury train.(Sergi Reboredo/VWPics/Universal Images Group via Getty Images) We’re a civilization dealing with crippling inflation, two major wars, a c.