Champagne sales fell by almost 10% last year to 271 million bottles, marking the second consecutive year of decline as inflation-weary consumers scale back their spending amidst a prevailing subdued global mood.
The renowned French luxury company LVMH reported a 15% drop in bubbly sales for the first half of 2024, indicating a challenging year ahead for the champagne industry.
The region in France is grappling with severe weather conditions, leading to wine growers experiencing their smallest harvest since 1957.
Maxime Toubart, co-president of the organization, noted that this is a challenging period, emphasizing inflation and economic uncertainty as significant contributing factors.