China’s Fine Wine Glass is Half-Empty


Women harvest grapes at the Silver Heights Vineyard in the Ningxia Hui autonomous region. Due to China’s climate, many vineyards have to bury their vines during the winter and then replant them in the spring, which increases the sophistication of Chinese wine-making. Photo: Silver Heights VineyardWomen harvest grapes at the Silver Heights Vineyard in the Ningxia Hui autonomous region. Due to China’s climate, many vineyards have to bury their vines during the winter and then replant them in the spring, which increases the sophistication of Chinese wine-making. Photo: Silver Heights Vineyard

China’s growing upper middle class and affluent population — which McKinsey & Company has projected will grow from 43.5 million people in 2012 to 225 million in 2022 — have shown that they have a taste for the finer things in life.
This group’s demand for high-end products will see them account for a whopping 44% of global luxury sales in the next few years, according to McKinsey.
And one luxury product for which China seems to have an unquenchable thirst is foreign wine. Data released by the China Association of Imports and Export of Wine & Spirits showed that wine imports grew to 407.37 million liters in the first seven months of 2017, an increase of 15.49% over the same period a year earlier. This wine was worth $1.475 billion, 7.65% more than in 2016.
Euromonitor data shows that Chinese people spent an average of 321 yuan ($49) on wine in 2016, up from 255 yuan in 2011. This figure includes all kinds of..... Read more here

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