THREE KEY FACTS Champagne sales are down 20 per cent year on year, with prices rising significantly. Prosecco demand grew four times in the last year due to cost-of-living pressures. Hospitality venues are absorbing rising costs, but champagne prices have increased dramatically.
With a little bit of sunlight filtering into the economy , will the champagne pop in New Zealand this summer and buck overseas downward sales trends? Last month Reuters reported that France’s champagne producers called for a cut in the number of grapes harvested this year, after wine sales fell more than 15% in the first half of the year as customers tightened their belts due to an uncertain economy. Luxury goods company LVMH, whose brands include Dom Perignon, Krug, Moet Hennessy and Veuve Clicquot, is seeing a drop in revenue for champagne sales in 2024 – and the brand’s chief financial officer Jean-Jacques Guiony thinks it might be because there’s not much joy in the world right now..
