Changes in consumption: In 2023, wine sales in supermarkets recorded a slight decline, but a recovery is observed in the first quarter of 2024, indicating a possible moderate growth in the current year. Consumers are showing an increasingly marked preference for white wines and sparkling wines over reds, with an increase in sales of sparkling wines driven by Prosecco.
Changes in tastes and consumers: Wine consumption in Italy is experiencing a transformation, with an increase in consumers between 18 and 34 years old. This group prefers Italian wine and sees wine as an element of socialization and conviviality. However, a generational change in tastes is also emerging, with young people preferring white wines and sparkling wines over reds, which still remain the best-selling.
Economic impact and challenges: An economic analysis highlights the importance of the wine sector for the Italian economy, with a possible negative impact of 1.1% of GDP in case of loss of the wine supply chain. Despite the challenges, the outlook for Italian wine exports remains positive, with strong foreign demand for still red and rosé wines.
Luxury market: However, in the luxury segment, first quarter 2024 data indicates a decline for LVMH's Wines & Spirits division, suggesting declining demand in Europe, despite a promising start to 2023.
In summary, the wine sector in Italy shows signs of recovery in exports and adjustments in consumption, with a growing preference for white wines and sparkling wines, especially among young consumers. However, a challenge remains in addressing climate change and maintaining competitiveness in the luxury market.
