Chinese New Year: 2016, the Year of the Monkey and of an upturn in the wine market

Vendredi 26 février 2016 par Vitisphere
Article mis à jour le 29/02/2016 09:51:01

Chinese New Year: 2016, the Year of the Monkey and of an upturn in the wine market

The Chinese lunar New Year, which began on February 8, marks a period of celebrations which are highly conducive to sales of French wines and spirits. In 2016, the industry can raise a toast to renewed growth in the Chinese market which, after the turmoil of 2013-2014, is showing unmistakable signs of a recovery. Last year, mainland China posted impressive growth rates of 45% by volume and 37% by value compared with 2014, according to customs data collected by the Spanish Wine Market Observatory (OEMV). After breaking previous records set in 2012, mainland China even became the leading Asian wine market, overtaking Japan. The Land of the Rising Sun witnessed 4% growth in volume sales, driven by Chilean wines which have become the leading suppliers of the market by volume, ahead of France.

Also of note is that Hong Kong broke import records with increases of 21% in volume and 28% in value.

 

Source: Vitisphere; Photo of the 2016 New Year celebrations in Times Square (Manhattan): Council of State for the People’s Republic of China.

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