Posted: Oct 09, 2020
As the pandemic hit social outings, celebrations and restaurant meals, global champagne sales fell dramatically. In early May, champagne sales were down 70% in France (which accounts for half of all global sales) and early sales had to be suspended after the industry sold 100 million bottles fewer than expected.
But according to Nielsen’s latest statistics on what American consumers are putting in their shopping baskets, sales of champagne in the U.S. have jumped a staggering 72.3%.
In fact, it seems that American consumers are buying more high-end products than usual; wine is up 25.5% for the period between February 29-August 15 but within this, sparkling wine has outpaced table wine (at 35% and 13% respectively) meaning people have been splashing out when it comes to their alcohol.
However, similar data spikes for similar products occurred in Europe during March and April but research shows that people are now starting to reconsider what they put in their shopping baskets.
There are early signs in France, Spain and Italy that consumers are starting to spend less now on higher-end food and drink products.
This might be due to the end of summer, psychologically, or a readjustment of the household budget, trying to spend less under continuing economic uncertainty.
By Alex Ledsom
Source and complete article: forbes.com
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