Chinese luxury consumers have embraced many imported goods, but imported wines are not among them…yet.
At the London Wine Fair, market research group Wine Intelligence predicted that growth opportunities for imported wines could materialize in 10-15 years in China. Of China’s 1.33 billion people, only 23 million adults aged 18-50 can afford to buy imported wines and only 14.3million currently buy it. Currently, 92% of wine drinkers consume domestic products according to Wine Intelligence.
Wine Intelligence researcher, Jean Philip Peroty believed that market potential really depends on the growth of four key cities — Beijing, Wuhan, Shanghai and Guangzhou. Food and wine matching will be key to success along with relevant brand labeling. Consumers currently have a hard time differentiating the many wines.
However, the industry is banking on the appeal of status and prestige associated with western imports to drive future growth.
[China Wine Info]
photo: jenny downing