A rapid survey on the state of the economy: for Prosecco di Conegliano-Valdobbiadene the market is still on the upturn this year, after the good results achieved in 2007. Caution regarding the Italian market.
Year 2008 number 2
A rapid survey on the state of the economy: for Prosecco di Conegliano-Valdobbiadene the market is still on the upturn this year, after the good results achieved in 2007. Caution regarding the Italian market.
for Prosecco di Conegliano-Valdobbiadene the market is still on the upturn this year, after the good results achieved in 2007. Caution regarding the Italian market.
With 45 million bottles sold in 2007, D.O.C. Prosecco from Conegliano-Valdobbiadene is becoming a very important indicator of the global market’s "sentiments" regarding Italian quality wine. According to figures published by the Prosecco Producers’ Consortium, in the last campaign growth was witnessed even on a month-to-month basis, thus demonstrating that the drinking of Prosecco is no longer just seasonal and that it is a wine that can be enjoyed at any time during the year. This is an important factor for understanding the level of loyalty of the market, even though the more "traditional" buying periods should not be underestimated: in the last quarter of 2007 – for example - sales increased by 10%, reaching 9 million bottles in just the last two months of the year.
VinoNostrum and the D.O.C. Prosecco Consortium have carried out a rapid survey on the state of the economy, asking the associate firms – just prior to what will be a "strategic" edition of Vinitaly - for their forecasts for the trading year that has just begun.
Let us begin with the figures for 2007. Overall, those involved in Prosecco production registered distinct growth. Turnover increased for 80 percent of the companies interviewed. This trend will continue this year as well: one firm in four expects an increase of over 10%; one in four reckons that its rate of growth will be more limited, with a maximum of 5%, whereas only one company in 5 foresees a calmer trend in 2008 compared to the past year.
Great "caution” as regards the Italian market: only 20% of the producers interviewed are optimistic about consumption on the home front. Their attention is therefore directed towards export markets: it is these that will have to sustain the income of the Marca Trevigiana’s vignerons. The most promising market this year will once again be the United States. Korea, Japan and the United Kingdom will also be of strategic significance for wineries’ balance sheets. As regards China: this will be an interesting growth market for 40% of the Prosecco producers in the Conegliano-Valdobbiadene area. Also showing growth will be the Indian, Russian and German markets, as well as that of the Baltic Republics.
The worldwide economic “climate” will be of vital importance in determining whether these expectations are confirmed or not. It all depends if the Euro will weaken a bit against the Dollar (at present producers are having to shoulder some of the increased costs); if the American economy will give signs of recovery even before November’s Presidential elections; and, as far as the home market is concerned, if a general climate of confidence about the future will return in Italy after the election campaign. We shall see the initial response at next month’s Vinitaly.
