French champagne producers sold fewer bottles in 2023, a year of “return to normal” in terms of volumes, after a record 2022, trade association Comite Champagne said on Monday, as cited by AFP and Agerpres.
In 2023, a total of 299 million bottles of French champagne were shipped, which is 8.2% less than in 2022, according to a press release of this association, which brings together producers and traders, published on Monday.
More importantly, in France, supplies fell to their lowest level in decades, with the exception of 2020, which was a special year due to restrictions imposed in the context of the pandemic. However, actors in this sector are not worried, their strategy is to sell more expensive products, even if they sell fewer bottles of champagne.
“Despite the decrease in volumes, the focus on the higher segment, especially in the case of exports, has allowed to maintain turnover above the threshold of six billion euros”, a level exceeded for the first time in 2022, emphasizes Comite Champagne.
“The national market suffered more than export markets because inflation affected household budgets during the year,” the professional association stated.
How sales of French champagne have developed in recent years
In 2020, the Covid-19 pandemic caused sales of French Champagne to fall to 245 million bottles, only to return to growth to 320 million in 2021, before reaching an all-time high of 326 million bottles in 2022.
Exports now account for “more than 57% of total sales, compared to 45% a decade ago,” Comite Champagne says.
Demand for Veuve Clicquot, Bollinger, Lanson and other champagne brands has soared since the lifting of pandemic restrictions, meanwhile returning to normal, a trend in the luxury goods industry.
The entire luxury sector is expected to grow by 4% this year, after 8% growth in 2023, according to Bain, a consultancy, underscoring the challenges facing luxury goods suppliers.
Around 310 million bottles of the strictly controlled geographical indication French Champagne are sold worldwide each year, and more than a billion are stored in cellars, waiting for the right moment to be enjoyed.
Source: Hot News
Lori Barajas is an accomplished journalist, known for her insightful and thought-provoking writing on economy. She currently works as a writer at 247 news reel. With a passion for understanding the economy, Lori’s writing delves deep into the financial issues that matter most, providing readers with a unique perspective on current events.