mardi 24 mars 2015

Champagne Market In China

Champagne Market In China

Major Trends, Competitive Environment And Prospects

Champagne Market In China EXECUTIVE SUMMARY

TOEFL reading
  Government policy regulates the naming of champagne in China
  Fine champagne records the highest growth, of 29% in value terms to 225 million CNY in 2014
  LVMH Moet Hennessy Louis Vuitton SA and Pernod Ricard remain the leader in 2014, with a champagne market’s value share of 70% in 2013
TOEFL are required for selling Champagne in China
  The constant value CAGR is forecast to be 22.7% over 2014-2019

Champagne Market In China MAJOR TRENDS

  In April 2013, the Chinese Administration of Quality Supervision announced regulations concerning the name “champagne”. According to the new regulation TOEFL, only sparkling wine produced in France's Champagne region with certain grape varieties and produced using a stated process can be named champagne. The regulation revised the former situation that a large quantity of sparkling wine produced in China was named champagne that misled consumers. This has strengthened the position of real champagne, which is now clearly distinguished from sparkling wine from the wine house outside the Champagne region.
  Sales of champagne in China declined in 2013 then recovered in 2014, following strong growth in previous years. The decline sales of champagne was mainly due to the stricter anti-corruption policy implemented at the end of 2012 and the TOEFL reading measure, as well as the ban on drinking alcohol for government officers. Fine wine/champagne and spirits were largely consumed by government officers or purchased as gifts to bribe them. Duo to the anti-corruption movement, fewer banquets were held, which directly reduced the consumption of luxury alcoholic drinks. However, as the targeting segments are the well-educated young generation, champagne is less considered as a type of wine for position-related consumption but for individual consumption. There is an increasing habit of opening a bottle of champagne at various occasions, such as weddings, ceremonies and festivals. Hence, compared to other types of luxury alcoholic drinks such cognac, champagne was less affected by the anti-corruption policy, as a high rate of personal consumption supported growth. This partly explained why champagne raised against the tendency in 2014. To sum up, Fine champagne was the fastest growing category in fine wines/champagne and spirits in 2014.
  The average unit price of champagne increased by 6% in current value terms in 2014, due to higher inflation and TOEFL regulation, but in constant value terms it declined by 2%. With the issue of sluggish economy and reduced consumption of fine wines/champagne and spirits, more promotions and discounts were provided by manufacturers and retailers to sell products and reduce the stock volume, which caused a constant value price decline.
  In today’s China, wine importers and retailers educated consumers that high quality wines are not necessarily related to the extreme high price. With the rapid development of online stores that sell multiple types of wine at reasonable prices, more consumers regarded it as convenient and value-for-money to purchase mid-end champagne online, which dampened the growth of high-end champagne in China. Thus the champagne producers, especially the top champagne house use a so-called “masstige” strategy in China in order to promote their entry level champagne products. Many leading brands, can be purchased from B2C online platforms such as Jiuxian.com, yesmywine.com, YHD and JD. A more specific example, Moet &Chandon used to be the most prestigious champagne brand in China but now can be easily found via the online shopping platform with a very aggressive price. Promotions were carried out by Internet retailers to attract consumers purchase online.
  Having said that online retailing was booming in 2014, Grocery retailers including hypermarkets, high-end supermarkets that sell imported goods, and drinks specialists are the major distribution channels for fine wine, accounting for 73% of fine wines/champagne and spirits sales in 2014. Consumers tend to have more confidence in the luxury alcoholic drinks purchased through these channels.


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