Wine and spirits Producers targeting China are revealing they are enjoying double digit growth and are now beginning to feel that it is just the beginning of the vast market growth. ‘Our message is one of clear confidence in China.’ reported Pernod Ricard’s CEO Alexandre Ricard. ‘The Chinese economy is growing at a robust level, and 7.4% GDP growth would be the envy of many countries. China is getting richer and underlying consumption is progressing, and our brands are here to address that demand‘. Confident in the future and keen to profit from this unique chance in the country’s economic development, they are looking forward to more stable profit margins. ‘We are also investing in our future growth with Absolut, which almost doubled its sales in the first nine months in China (98%), Jacob’s Creek (double-digit growth) and our Champagne portfolio. So there are clear reasons to remain confident for the future and the underlying trend in China remains good’.
The strength of the Chinese wine market continues to grow and is predicted to overtake France to become the world’s largest wine market by value by next year. Driving this expansion is the sustained growth […]