Global champagne sales fell by more than 15% in the first half of 2024, and industry executives suspect that people around the world simply have fewer reasons to celebrate this year.
“Champagne is quite linked with celebration, happiness, et cetera,” Jean-Jacques Guiony, CFO of luxury holdings company LVMH, said during an earnings call last week. “Maybe the current global situation, be it geopolitical or macroeconomic, does not lead people to cheer up and to open bottles of Champagne. I don’t really know.”
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LVMH, which manages Champagne brands including Dom Pérignon, Krug, and Mercier, as well as luxury fashion lines like Dior and Tiffany & Co., is not the only company reporting declining sales in 2024. Earlier this month, David Chatillon, chairman of the Champagne Houses lobby, issued a separate statement addressing the effects of economic uncertainty on the champagne market.
“The gloomy global geopolitical and economic situation, as well as generalized inflation, is weighing on household consumption,” Chatillon said. “Champagne also continues to suffer the consequences of overstocking by retailers in 2021 and 2022.”
Chatillon’s organization notes that 106.7 million bottles of Champagne have been sent out this year—a 15.2% decrease from the same period in 2023.
Connor Walcott is a staff writer for Valuetainment.com. Follow Connor on X and look for him on VT’s “The Unusual Suspects.”
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