Chinese demand boosts wine prices
While Chinese citizens have traditionally enjoyed beer and other domestic spirits, they have recently begun indulging in fine wine. Demand for the product in the country has risen as a result, and with more than 1.3 billion people in China, the price for wines has also grown, reports the Telegraph.
Prices in the area have set new records. For example, three bottles of Chateau Lafite 1869 were sold for more than $200,000 a piece recently, shattering the 1985 record of $164,000.
“Fine wine sales to Asia are rocketing,” Gary Boom, the founder of Bordeaux Index, told the Telegraph. “Even by Hong Kong standards [$60,000] for a bottle of red [wine] – albeit a world-class bottle of red – was a remarkable sale. It reflects the incredible current level of interest in fine wines in the region.”
The Telegraph notes that demand is up primarily because the region recently eliminated the duty on wine, encouraging foreign wineries to import the drink.
Seattle wineries are the ones benefiting from increased Chinese demand. The Associated Press recently reported that West Coast wineries were exporting more wine to China, with several even setting up shop in the region to better position their bottles.