Champagne shipments dropped for the second consecutive year in 2024, declining over 9% annually, according to Comite Champagne. Shipments, excluding 2020's pandemic low, reached their lowest level since 2001 when the 9/11 attacks disrupted the U.S. economy. French shipments hit their lowest point since 1983, excluding 2020. Co-chairman Maxime Toubart of Comite Champagne stated that Champagne reflects consumer sentiment, dampened by inflation, global conflicts, and economic uncertainty. LVMH, the leading Champagne producer, has faced declining sales for two years in its wines and spirits division.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Champagne shipments dropped for the second consecutive year in 2024,
00:06declining 9% annually, according to Commit Champagne.
00:10Shipments, excluding 2020's pandemic low, reached their lowest level since 2001,
00:16when the 9-11 attacks disrupted the U.S. economy.
00:19French shipments hit their lowest point since 1983, excluding 2020.
00:23Co-chairman Maxim Thubert of Comet Champagne
00:27stated that Champagne reflects consumer sentiment, which has been dampened by inflation,
00:32global conflicts, and economic uncertainty.
00:35LVMH, the leading Champagne provider,
00:38has faced declining sales for two years in its wines and spirits division.