Hongkongers drank 1.4 million more bottles of wine last year than in 2008, amid cheaper prices and the removal of the wine duty, an annual survey shows.
The lure of more affordable alcohol, coupled with a booming fine wine auction business, was responsible for the increase in wine consumption. Last year, more than 10 million bottles of wine were sold in Hong Kong, up 16 per cent by volume and 11 per cent by value, according to the Nielsen Co survey.
The government scrapped its 40 per cent duty on wine in 2008.
'In 2009, we have seen an obvious price polarisation within the wine categories, with a stronger skew towards wines priced below HK$130 per bottle. This segment has outgrown premium wines in the past year with its volume increasing 21 per cent. This phenomenon echoes back to the sentiment of frugal consumers during the first half of 2009,' Oliver Rust, managing director of the Nielsen Co Hong Kong, said.
Price comparisons show the average price per bottle last year was 12.30 per cent cheaper than in 2007.
Given continuing improvements in the local economy this year, the demand for wine was expected to remain robust, Rust said.