• Home
  • About
  • Contact
SUBSCRIBE TO THE BLOG

Fine Wine and the Recession

October 5, 2009
Share on FacebookShare on TwitterShare on LinkedinShare on Pinterest

A recent article in Fortune Magazine spoke of premium wines in the United States being hit by the recession as wine drinkers switching to less-expensive wines stating “that means vintners who sell wine for $10 or less are raking in money, but everyone else is getting squeezed”.

Whilst that is also true for the South African market, it seems that ultra-premium wine is weathering the recession better.Business Day is reporting that “it took just 45 minutes to reach sales of R1m at this year’s Nedbank Cape Winemakers Guild auction at Spier estate… Thereafter on the hour, every hour, another R1m was knocked down and by 1.45pm the guild’s highest auction total was achieved with R5,2m worth of the country’s finest young wines sold.”

“The average case price for the auction was R2288 compared to R1958 last year.” Business Day reported “The 5% record turnover increase this year is telling in the face of 10% less volume of wine on sale than last year.”

“More buyers bid at this year’s auction than in previous years, and 84% were local. The biggest overseas buyers came from Belgium, the UK, Hong Kong and Denmark, but only one foreign buyer made it to the top 10 list, proving that South Africans will find the money for quality products — perhaps more so in a recession than in the good times.

“‘It’s obvious from this year’s auction results that the sale of quality wines is not affected by the economic downturn and there will always be a demand for individually crafted, specialist wines,’ said auctioneer Henré Hablutzel.”

    Be the first to get the

    latest trends on business and wine.



    Related Articles
    Leaked Draft of SA Alcohol Legislation Bans Advertising
    The leaked Control of Marketing of Alcoholic Beverages Bill drafted by the Department of Health which totally prohibits the advertising and ...
    Read More
    The Chinese Luxury Consumer
    At the end of March 2012, the Chinese Industrial Bank and the Hurun Report Research Institute released a report titled The Chinese Luxury ...
    Read More

    Archives

    Tweets by HeinWine

    In his pursuit of business leadership, Hein focuses his efforts on building world brands and establishing international distribution channels.

    Videos

    LANDBOUSAKE MET HEIN KOEGELENBERG POWER LUNCH WITH HEIN KOEGELENBERG LA MOTTE SHIRAZ EXPERIENCE HEIN ON WINE LA MOTTE TASTING FINDING ITS WAY ONTO CHINESE DINNER TABLES

    LinkedIn

    Sitemap

    Home About Contact Subscribe to Blog Terms and Conditions Privacy policy
    © Copyright 2018 Hein On Wine. All rights reserved.
    • Home
    • About
    • Contact