While we’re all familiar with the worldwide financial recession, did you know we’ve also been experiencing a wine recession? Well, fear not, apparently the wine recession is set to end this year.
Back in 2008, consumption of wine peaked at a level of 25 litres per person – the equivalent of 1.61 billion bottles of wine! However, since that time, wine consumption has fallen by around 10.5% per capita.
Vinexpo and the International Wine and Spirits Record have now predicted that wine consumption will start to increase over the next five years. However, consumption is not set to reach the 2008 levels ‘in the foreseeable future’. Instead, a slow recovery over the next 5 years is expected.
Guillaume Deglise, CEO of VINEXPO, says, “We can say confidently that 2015 will show that the UK wine recession is over. While the UK market shed 9.6m cases between 2008 and 2013, it is now past its low point. The UK wine trade is building value and many leading marketers report progress at the premium end”.
It is noteworthy that the outstanding success since 2008 is sparkling wine. A large proportion of that success is down to Prosecco, which has seen a growth of 43% of UK imports. Between 2008 and 2018 UK drinkers are forecast to increase consumption of Prosecco to 2.2 litres per person, per annum.
So let’s raise a glass (of Prosecco) to the end of the wine recession!