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Are the Chinese to blame for rising wine prices?
20th September 2010
The Chinese seem to be getting the blame for a lot these days, so it comes as no surprise to read this headline
“Bordeaux 2009 vintage ‘to hit record prices’ thanks to Chinese demand”
“While export volumes fell 14 per cent last year, sales to the Chinese market almost doubled.” - and we´re not talking 3 pound bottles from Tesco either, “Buyers can expect to pay more than 1,000 euros for a bottle of Chateau Ausone (Saint-Emilion) en primeur - pre-release - meaning it will not be delivered until the end of 2011”
However, with the Chinese Government´s attempts to rebalance its export-oriented economy by boosting domestic consumption, maybe increased demand for this luxury good is evidence of the improved purchasing power of millions of Chinese consumers?