Champagne sales slumped in 2024.Ricardo Mendoza Garbayo/Getty ImagesThe global exports of Champagne fell 9.2% in 2024, with 271.4 million bottles shipped out from France.Consumers are just not in the mood for celebration, the chief of the French Champagne producers association said.It said that global political and economic crises have dulled the festivities.People around the world aren't in the mood for glasses of bubbly.Shipments of Champagne have slumped in 2024 because consumers are not in the mood for celebration, according to Comité Champagne, the Champagne producers association.Global exports of Champagne totalled 271.4 million bottles in 2024, but that was a 9.2% decrease from 2023, the association said in a statement to BI.Maxime Toubart, co-president of the Comité Champagne, said in the statement that Champagne is a "true barometer of consumer mood.""And this is no time for celebration, with inflation, conflicts around the world, economic uncertainty and a political wait-and-see attitude in some of Champagne's biggest markets, such as France and the United States of America," Toubart added.John Noble, the director of Comité Champagne's Australia bureau, added that customers are "justifiably cautious" about buying the luxury product, given the "current economic environment with high inflation and cost of living concerns."In July, LVMH, the world's largest luxury conglomerate, also sounded concern over its bubbly sales, attributing it to a bleak global outlook.Sparkling wine sales spiked significantly in 2021 following the relaxation of pandemic restrictions, particularly in the US.
Champagne Exports Are Slumping Because People Aren't In The Mood To Celebrate Inflation And Conflicts, Chief Of French Producers
abharade@insider.com (Aditi Bharade), Business Insider
Sun, 01/19/2025 - 11:59pm
Topics: mendoza garbayo/getty imagesthe bi maxime toubart united states america toubart john noble us but jean-jacques guiony gucci ysl balenciaga china business insider champagne france comité july lvmh exports people mood inflation conflicts chief french producers luxury global sales celebration world economic bottles earnings slumped declined million pandemic consumer association current product political statement
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- Champagne exports are slumping because people aren't in the mood to celebrate inflation and conflicts, chief of French producers' association says
The head of the Champagne producers association said that with inflation, global conflicts and economic uncertainty, this is "no time for celebration." ...
01/19/2025 - 6:42 pm | View Link - More
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