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Report compares wine prices in Asia

Source:Ringier Food Release Date:2018-06-04 288
Food & Beverage
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The Julius Baer Wealth Report shows where the cheapest and most expensive wines are sold in Asia.  

THE Julius Baer Wealth Report surveyed prices specifically for a bottle of Bordeaux first growth Château Lafite Rothschild 2000 in five cities, namely Shanghai, Hong Kong, Taipei, Tokyo, and Singapore.  The Swiss private bank says that a bottle of this Bordeaux would cost USD 4,142 (as of April 2018) in China. The same wine can be had for a much lower price at USD1,677 in Hong Kong. In Taipei and Singapore, the tag price is a little over $2,000; in Tokyo, it is under $2,000.

(Photo: Dreamstime)

According to the report, the steep price is consistent with previous surveys of the same wine, as Château Lafite Rothschild 2000 is widely sought-after in China for its perceived quality and status symbol. The price is driven by several factors including high taxes in China, increasing demand for luxury wines amid rising disposable incomes, westernisation, aspirational consumption, and sophistication of drinking rituals.

The luxury wine segment is turning to the Asian market, which is currently dominated by China and Hong Kong. By 2020, China is expected to become the second largest wine market, while Hong Kong remains the region’s wine auction market. Besides, China isn’t only consuming more wines, it is producing its own as more international houses invest in China.

 

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