Hope of recovery for Hong Kong wine market despite slump

With imports down 40% from its heyday of 2018, can the Hong Kong wine market recover from the economic slump it finds itself in? Nimmi Malhotra reports. At Vinexpo Asia, industry specialist Rob Temple presented an in depth look into the current state of wine industry. Last year, at a similar session at Vinexpo Singapore, Temple had hoped for a full recovery for the off-trade sector by 2024 and a ‘cautious journey’ for the on-trade sector. “Twelve months ago, the assumption was that the interest rates would come down and it would kickstart an economic recovery and return of consumption patterns, but that has not happened,” he shared with db. Instead, Hong Kong is facing an unprecedented economic downtown. Rising interest rates, shifting demographics and low tourism numbers are resulting in significantly reduced consumer consumption and spending on the island. Add to that, a new movement of locals flocking to wine and dine across the border in Shenzhen (part of the Greater Bay Area, ...