By CultureBanx Team
- Champagne 2022 sales should surpass $6B as wine harvest was 45% above the five-year average due to good weather conditions
- The U.S. champagne market has grown in each of the past 10 years, apart from the slump suffered in 2020 because of lockdown measures
The tasty measurement tool for consumer confidence is pointing up with champagne sales on the rise above $6 billion, despite inflation that could have made consumers shun the expensive bubbly. This year’s wine harvest in Champagne, was 45% above the five-year average due to good weather conditions and doubled from 2021, when frost and mildew fungus ravaged vineyards, official data showed. What makes the consumption of champagne an accurate assessment of consumer confidence heading into 2023?
Why This Matters: When consumers are drained politically, economically and emotionally they tend to drink liquor. On the other hand, when people are in jubilation the drink of choice is more likely to be wine, beer and champagne and it shows in the strong sales.
Champagne prices have risen this year as winemakers passed on a rise in costs, notably for bottles and transport, according to Reuters. Not to mention the Millennial pink obsession has spawned rosé into a goldmine, with the table version making 48% of its sales in the warmer months, according to research company Nielsen.
Situational Awareness: People are ready to celebrate again and not just for the bigger milestones, but even just for those everyday moments. After the Great Recession, the industry bounced back and saw seven consecutive years of growth in Champagne shipments to the U.S., according to the Champagne Bureau, USA. The bubbly drink is predicted to have one of the strongest holiday seasons on record.
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