More and more Asian countries, such as China and Japan, are increasing their wine imports from nations like France, Australia and Spain. In fact, a report from the University of Adelaide shows that as the global wine market continues to surge, Asian countries will become the world’s top wine consumers with China leading the wine craze. Economists expect that China’s thirst for wine will swell to 60 percent by 2018. Even if China ranked fifth in terms of global production of grape wine, wine imports are seen to increase as much as 790 million litres by 2018. According to the ACM Asian Wine Group, China’s importation on wine had increased by 1.86 percent in 2014.
The Asian Obsession to Grape Wine
Over the past years, the wine culture in Asia has flourished. Aside from top wine-consuming countries like Japan and China, their Asian neighbours are also quenching their thirst for wine. A predominantly beer-nation, the Philippines’ wine imports will grow by 8 percent in the next few years. Wine trade in Indonesia and Vietnam is also projected to increase. It is reported that Indonesia will consume 2.1 million cases of wine by 2017; while Vietnam’s annual expenses on wine may reach the billion-dollar mark by 2019.
In China, after the strict campaign to reduce the demand for luxurious items including wine, the wealthy Chinese class is now in the mood to get their hands on fine Australian wine. Australia’s wine exports to China increased by 32.1 percent, while it is 28.4 percent In Hong Kong.
Red wine has become popular in China mainly because of the wine’s colour. In the Chinese culture, red symbolises prosperity, power and good fortune. These three values are extremely important especially to Chinese businessmen. That’s why red wine is pretty common in business events, gatherings, socials and meetings.
There is also a correlation that exists between gambling revenues in Macau and the price tag of premium French wine. Due to China’s economic slowdown, Macau’s gambling revenues were slightly affected. As a matter of fact, government data confirms waning profits in the months of June, July and August. Until recently, wine trade in Macau started to get active. This is an indication that rich Chinese gambler who love Bordeaux are now flocking the casinos in Macau.