Champagne shipments from France declined by more than 10% in 2024 – with many industry experts attributing the fizzling market to the entire planet’s collective bad vibes.
“Champagne is quite linked with celebration, happiness, et cetera,” said Jean-Jacques Guiony, the Chief Financial Officer of luxury goods conglomerate LVMH, during a recent earnings call. “Maybe the current global situation, be it geopolitical or macroeconomic, does not lead people to cheer up and to open bottles of champagne.”
This is the second year in a row that the champagne market has seen significant decline, according to the trade organization Comité Champagne. Domestic sales, within France, are down 7.2% compared to 2023. Only 153.2 million bottles were exported, while 118.2 million bottles were sold within France.
“Champagne is a true barometer of consumer mood,” said Comité Champagne co-president Maxime Toubart in a statement. “And this is no time for celebration, with inflation, conflicts around the world, economic uncertainty and a political wait-and-see attitude in some of Champagne’s biggest markets, such as France and the United States of America.”
Fellow Comité Champagne co-president David Chatillon emphasized that while the industry was experiencing a “less favorable” market, champagne remains a “solid, sustainable organisational model.” Chatillon also noted the need for the industry to continue seeking new markets and working towards “sustainable development.”
Aside from the globally dismal mood, declining champagne sales are in keeping with other trends in the luxury goods market. According to the Bain & Company’s annual luxury report, the industry as a whole declined in 2024, as China and South Korea both experience challenging economic headwinds.
The consulting group’s analysis, in conjunction with Italian luxury goods body Fondazione Altagamma, predicted a 2% dip in the market last year. Only one third of luxury retailers were expected to see positive growth in 2024, compared to two thirds of brands in 2023.