The gloomy state of the world, alongside changing habits, is impacting French champagne sales significantly, with shipments down nearly 10% last year.
Maxime Toubart noted that champagne sales reflect consumer sentiment, saying, "It is not time to celebrate given inflation, conflicts across the world, economic uncertainties and political wait-and-see in some of the largest champagne markets."
There is growing evidence that Gen Z and millennials in key markets like the US are turning away from alcohol, opting instead for mocktails and other non-alcoholic indulgences.
Champagne producers are facing increasing competition from more affordable sparkling wines like prosecco and cremant, leading to the premium French bubbly experiencing its lowest demand in over two decades.
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