Since the removal of custom duties on wine in 2008 Hong Kong has developed into a trading and distribution centre for wine in the region. This position received a further boost after Hong Kong reached an agreement with government in Mainland China to include wine under its Closer Economic Partnership Arrangement (CEPA) free-trade agreement.
Fine champagne was the most dynamic category throughout the review period and this has continued in 2018. While in the past fine champagne was typically only consumed during celebrations and special occasions there has been steady growth in consumption occasions thanks to it becoming more widely drunk due to its taste.
While luxury spirits continues to register positive value growth in 2018, with this set to continue into the forecast period, growth remains slower than in fine wines/champagne. Many consumers continue to stay away from many luxury spirits such as luxury brandy and cognac, as they are perceived to be for more mature consumers.
Moët Hennessy Diageo Hong Kong Ltd saw strong growth in current value terms in 2017 with it further extending its lead. The company offers popular brands including Moët & Chandon, Veuve Clicquot Ponsardin and Dom Pérignon in fine champagne, Hennessy XO in luxury brandy and cognac, and the well-known Johnnie Walker brand in luxury whiskies.
After Moët & Chandon and Veuve Clicquot Ponsardin, Pernod Ricard Hong Kong Ltd’s Pol Roger was the most dynamic brand in 2017 in fine wines/champagne and spirits. The brand has received attention thanks to its royal association, with it being served at the last three royal weddings, the most recent being that of Princess Eugenie and Mr Jack Brooksbank in 2018.
Although volume sales remain fairly small there is growing demand for Burgundy within other fine wine in Hong Kong, which is coming from the increasingly sophisticated tastes of the local consumer base. For example, Perrot-Minot has seen strong growth for its range of elegant and sophisticated range of Burgundian red wines.
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