New | Cheers! China’s fine wine industry draws new drinkers as it recovers from the hangover of Xi Jinping’s anti-graft, austerity campaigns
Industry insiders see prosperous days ahead as both young and old become new driving force for growth in wine sales
For many mainland Chinese, knowledge about wine began with a line in 1989’s hit Hong Kong comedy God of Gamblers – “Uncork me a bottle of 1982 Chateau Lafite!”
Fine vintage has since then been considered a symbol of wealth and status, drawing rich business people and powerful officials to taste and collect.
After a few years of decline because of Beijing’s corruption crackdown and austerity drive, China’s wine market is now slowly recovering, with the young generation and the elderly becoming a new driving force for growth, industry insiders say.
“A decade ago, we saw all kinds of counterfeit Lafite and other overly expensive wines. But … consumers have become rational and prices are cooling off,” said You Chao, chief sommelier of Guangzhou’s high-end wine importer Ouke Chateau.
Lower tariffs and more competitors have led to more reasonable prices for imported wines, but retailers can still profit up to 200 per cent for a bottle, said You.
While wines priced at several thousand or even tens of thousands of yuan were common in China 10 years ago, most sold today in the world’s largest wine-consuming country are just a few hundred yuan, he said.