• 204 days Could Crypto Overtake Traditional Investment?
  • 209 days Americans Still Quitting Jobs At Record Pace
  • 211 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 214 days Is The Dollar Too Strong?
  • 214 days Big Tech Disappoints Investors on Earnings Calls
  • 215 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 217 days China Is Quietly Trying To Distance Itself From Russia
  • 217 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 221 days Crypto Investors Won Big In 2021
  • 221 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 222 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 224 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 225 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 228 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 229 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 229 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 231 days Are NFTs About To Take Over Gaming?
  • 232 days Europe’s Economy Is On The Brink As Putin’s War Escalates
  • 235 days What’s Causing Inflation In The United States?
  • 236 days Intel Joins Russian Exodus as Chip Shortage Digs In
Not Even Safe Havens Are Safe Anymore

Not Even Safe Havens Are Safe Anymore

Safe havens falling with stocks…

Major Diamond Mine Slashes Production

Major Diamond Mine Slashes Production

Angola’s Sociedade Mineira de Catoca, which…

  1. Home
  2. Commodities
  3. Other

Champagne Sales Slow As European Economic Worries Grow Louder

Champagne

The economic toll of Britain's Brexit and France's "yellow vest" movement cooled French champagne sales in 2018 to its lowest level since 2004, private trade data revealed.

According to the figures published Sunday, March 17, by the Comité Interprofessionnel du Vin de Champagne (CIVC) at the Prowein show in Düsseldorf, Germany, champagne bottles sold globally declined by 1.8 percent to 302 million in 2018, though revenue moved higher by .3 percent to a record $5.6 billion as per bottle prices were inflated.

"The fall in volume is becoming a bit worrying, with the slowdown in France and Britain not compensated by higher sales outside the European Union," CIVC co-president Jean-Marie Barillere told Reuters.France and Britain are about 60 percent of total sales by volume. French sales dropped 4.2 percent to 147 million bottles, with more bottles exported than consumed in France for the first time in a century. In Britain, sales dropped to $460 million, compared with $470 million a year earlier.  Barillere said yellow vest protests had crushed tourism in Paris, and an economic slowdown in the country is hurting demand.

"In view of Brexit's uncertainties, houses have exported more than the needs of the market generating stocks. In France, the effect 'yellow vests' end of the year has occurred in a more global climate of uncertainties," Barillere explained.

Related: Global Banks Lay Groundwork To Re-Inflate Asset Prices

Total French Champagne export sales moved up .6 percent to 155 million bottles, while total export revenue increased by 1.8 percent to $3.3 billion as big-name champagne companies, such as LVMH's Moët & Chandon and Pernod Ricard's Mumm, were hot sellers in Asia and the United States.In Britain, sales declined for the third consecutive year, mainly due to uncertainties surrounding the country's planned exit from the European Union. Volumes fell 3.6 percent to 26.8 million bottles with a total revenue of $460 million. Volumes had already collapsed by 11 percent in 2017 and 9 percent in 2016.

Sales to the United States increased by 2.7 percent to 23.7 million bottles with revenues of $654 million. Sales to Japan were up 5.5 percent to 13.6 million bottles, while sales to Hong Kong and China, each accounting for 2 million bottles, were up 12 percent and 10.1 percent respectively. The most significant sales increase was seen in South Africa, where volume was up more than 38 percent to 1.1 million bottles.

CIVC warned that Italian prosecco, which is three to four times cheaper, has been a strong competitor to champagne.

While Brexit and yellow vest protestors have caused many economic uncertainties across the Eurozone, the champagne crisis in France and Britain is just another example of how the regional economy is headed for disaster.

By Zerohedge.com 

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment