Published: 02-Jun-2020 | Published By: Market Research Store
The whole world is fighting against coronavirus. People are getting infected; people are dying; people are losing jobs; thus, it has been a long period that people have got any reason to celebrate. This has intensely impacted the sales of the champagne. It has been predicted that in the year 2020, the sales will drop by a third and the primary factor for this drop will be the outbreak of the pandemic. Several food chain restaurants have been closed owing to the lockdown protocols implemented in several regions. Similarly, any social gatherings or any kind of celebrations has been cancelled.
It has been projected by the CIVC, champagne producers’ group, that the champagne market may lose around $1.9 Billion in the year 2020 owing to the outbreak of the pandemic. In the current scenario, around 100 Million champagne bottles are likely to go unsold.
CIVC commented that the estimates were drawn owing to the 75% drop in the month of April and May. Jean-Marie Barillere, co-chairman of the group, made speculations that the sparkling wine sales will be below average until end of 2020 even though the festive holiday season is ahead.
Barillere further provided comments that the situations may improve once the cafes, hotels, and restaurants will reopen and the people will be back to their normal life. But right now it is hard to predict how fast this will happen. He also suggested they are planning out strategies to face the difficult times.
Last year, the producers had sold nearly 300 million bottles of champagne which recorded revenue of $5.5 billion.
Market Research Store has published the latest report on the global champagne market. This report showcases all the latest market dynamics and statistics that will help the clients to analyze the current market scenario.
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