Australian Wine Sales Hit Hard By Chinese Austerity Drive
by Carmen Lim
@ 04 Apr 2014
Up until 2012, Chinese drinkers had been devouring Australian wine, but Beijing's anti-corruption drive, along with a broader austerity program, has smashed demand for luxury goods, from wine to Ferraris, and pinched local wine exports to the region. China has eclipsed traditional markets such as the UK and the US to become the fastest growing export market for Australian wine for several years. However, exports dropped by 7 per cent to 33 million litres in 2013 when austerity measures curbed spending by government bodies on luxury goods such as premium imported wines. Read more at
http://www.smh.com.au/business/australian-wine-sales-hit-hard-by-chinese-austerity-drive-20140330-35rst.html.
