Global wine consumption hits 27-year low amid inflation

Published 2024년 4월 29일

Tridge summary

Global wine consumption in 2023 reached its lowest level since 1996, with a 2.6% decrease to an estimated 221m hl, marking two years of consecutive decline due to inflation and changed consumer behaviors. Despite this, Spain and Russia saw increases, while the US and France experienced decreases. Adverse weather conditions led to a 9.6% drop in global production. The UK saw a decrease in imports, but a increase in sparkling wine value. The Southern Hemisphere is projected to see a 5% increase in wine production in 2024.

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

Original content

In a challenging year marked by inflationary woes, global wine consumption saw a significant dip, plunging to its lowest levels since 1996, according to the International Organisation of Vine and Wine (OIV). Last year saw wine consumption decline by 2.6%, falling to an estimated 221m hl. This downward trend marks the second consecutive year of decline. John Barker, director general of OIV, highlighted the profound impact of inflation on consumer behaviour during an online press conference last week. “Inflation has been a key factor in the past two years, because it has significantly increased production and distribution costs, while also reducing consumers’ purchasing power,” said John Barker, OIV director general. Amidst the decline, a few key markets displayed resilience, with Spain and Russia bucking the trend with consumption upticks of 1.7% and 3%, respectively. However, the overarching narrative painted a bleak picture, with the five largest markets, including the US and ...

Source: Harpers