Domestic consumption: Out-of-home wine consumption in Italy shows a mixed dynamic; some focus on high-end wines, often foreign ones such as Champagne, while Italian wines see a growing preference for whites over reds.
Economic impact: Mediobanca's survey reveals a 9% increase in the turnover of Italian wine companies in 2022, with significant growth both abroad (7%) and in Italy (11%). Despite this, the sector is affected by inflationary pressures and an increase in financial charges, which negatively affect profits.
Inventories and Outlook: The 2023 harvest was poor, and despite a normal harvest forecast for 2024, high inventories are expected. This combined with a general slowdown in exports poses challenges for the future of the sector.
Wine Market and Trends: Italian wine shops are seeing a growing interest in white wines during the summer, with a clientele showing curiosity towards quality wines. However, the sector as a whole is slowing down due to a variety of economic and consumer factors.
Sales down: A report from the Uiv-Ismea Observatory highlights a 2.5% reduction in wine sales in the first half of 2024, with a particular impact on still and sparkling wines, compared to a slight increase for sparkling wines.
These elements outline a picture of uncertainty and challenge for the Italian wine sector, which must navigate between market fluctuations and evolving consumer tastes.
