Maxime Toubart, co-president of the Comité Champagne, stated that Champagne serves as a 'true barometer of consumer mood,' reflecting current societal sentiments.
John Noble, director of Comité Champagne's Australia bureau, observed that customers are 'justifiably cautious' with luxury purchases amidst high inflation and cost of living concerns.
In July, LVMH highlighted that its Champagne sales declined due to a 'bleak global outlook,' signaling that the festive drinking culture is not as prevalent.
LVMH's finance chief, Jean-Jacques Guiony, remarked on the intrinsic link between Champagne and celebration, indicating that current economic uncertainties dampen consumer enthusiasm.
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