The wine market in China is slowly recovered after taking a huge hit during Xi’s crack down on government corruption and luxury spending.

In the first half of this year, Chinese imported nearly 200 million liters of wine, an increase of 13% from last year. New customers, including China’s youth and elderly have helped bring the wine industry out of its slump.

Prices have also dropped because of the decrease in demand. Ten years ago, bottles of imported wine costing several thousand or even several million Yuan were commonplace. Now, most wines are priced at only a few hundred Yuan.

China Wine Online founder and CEO Lai Jinyu said that in the past, a bottle that cost 10 Euro in Europe would be priced at 100 Euro in China after import. Now, those same bottles are available for 20 to 30 Euro.

The government crackdown has, “increased market transparency,” said Lai. “There also have been tariff reductions, and more people are now involved in the wine import business.”

Less expensive imported wine (80 to 200 Yuan) is on the rise, with an annual sales growth of more than 40%.

Source: inews.qq.com

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Keywords: Chinese wine China wine industry China wine market