China remains the golden ticket to cracking Asia’s wine market

Published 2024년 8월 9일

Tridge summary

Despite economic challenges such as tariffs on Australian wines, Covid-19 lockdowns, and high US interest rates leading to a drop in wine imports and production, China remains the largest wine market in Asia. Other emerging Asian markets like India, Thailand, and Vietnam do not match China's volume sales. Factors contributing to the economic downturn include high US interest rates, property market instability, and Covid-19. However, wine consumption is expected to recover as economic stimuli are implemented and disposable incomes and consumer confidence rise. In the meantime, brand owners and distributors are advised to stay active in the Chinese market, focusing on consumer engagement and strategic partnerships. A survey in China's Greater Bay Area found that wine drinkers prefer buying from wine specialist retailers and that word of mouth significantly influences their brand choice, underscoring the importance of direct consumer interaction for brand building.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Developing markets, the likes of India and Vietnam included, may catch the eye of wine businesses tapping into Asia, but China offers the best prospects. Rob Temple breaks down why China is still Asia’s biggest prize. India, Thailand and Vietnam are Asia’s most prominent emerging markets. Consumption there is unquestionably growing, fuelled by rapidly growing economies, and being first to market, or at least early, is as important as ever. However, today they are a long way from providing wine brand owners with the kind of volume sales that China offers. Despite the recent economic challenges in Mainland China, it is still the driving force of wine consumption in Asia and will remain so for many years to come. Since 2018 wine imports to China have dropped from 452 million litres to 249m litres, according to the National Bureau of Statistics of China, and Chinese wine production has also almost halved in that time. Several factors have impacted imports and consumption – Covid ...

Source: Thedrinkbusiness