Global champagne sales are forecast to slump by a third, or 100 million bottles, this year as the coronavirus crisis shuts bars and restaurants worldwide and hammers economies.
The collapse is akin to a wartime depression, the champagne producers' group CIVC told Reuters on Thursday. Lost sales could total over 1.7 billion euros in 2020, and the downturn could last for many years, it said."When someone looses a job or someone dies in his family, they don't want to celebrate, so we'll certainly see that risk hitting us for several years," said co-chairman Maxime Toubart.
"We hope it will improve when hotel, cafes and restaurants reopen and people return to a more normal and more optimistic life, but it is hard to say how fast that happens," he said.Last year champagne producers sold nearly 300 million bottles for a record 5 billion euros. The price of some champagne could fall later this year if producers seek to sell their surplus in bargain sales.
Of course, what's to celebrate the pandemic?
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