Take 2: The Rise, Fall and Rise (Again) of China’s Wine Market
China’s wine market is emerging after a significant state of flux seen in recent years.
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For foreign wine suppliers, the recent rebound in the market has been relatively prompt, and it comes as a great relief to many who are increasingly invested in what is now one of the world’s largest wine import markets. At the same time, the strength of this resurgence is causing some to question the basis for the recovery—and whether the market is, once again, setting itself up for a fall. For local Chinese wine companies, the recovery has been far less impressive, causing them to reassess their role in an increasingly competitive market.
At the very heart of recent developments lies a transition in wine demand to a more retail consumer base, which is a welcome step in the longer-term evolution of the market. While largely positive, this transition also marks a significant shift in the way in which wine companies will need to promote their products in order to compete in amarket in which consumer perceptions of value and the route to market are rapidly changing.
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