Sunday, July 21, 2019
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Bordeaux holds its breath – Le Figaro Vin

First of all, the good news: the power of Bordeaux in terms of brand remains remarkable. This is highlighted by the latest study by British wine analyst Lister Lister. The average ranking for the online search for the 50 best wines by region attests. Bordeaux is far ahead of Burgundy, Tuscany, California, Champagne and Piedmont. If the evolution of the ranking over the last two years sees this position erode in favor of Burgundy, confidence remains in place. The great Bordeaux wines also remain, by far, the most sold at auction by number of bottles. What to think of all this?

Everyone knows that the large volumes produced by Bordeaux play in favor of the strength of the brand. Other regions can not compete because they produce smaller value wines, such as Champagne, or because they have limited visibility, such as Napa cuvées, which are very discreet outside the United States. The triptych notoriety-visibility-volume of Bordeaux is unique. For its part, the communication and marketing agency Sopexa even considers Bordeaux as the most promising region in the world for red wine.

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Quality of the last harvests

On the other hand, the comparison of the evolution of Bordeaux prices compared to other wine-growing regions shows a stagnation of Bordeaux's tariffs, ie + 12% in six years. Over the same period, the Piedmontese index gained 145%, Burgundy rose by 125% and the prices of Californian, Champagne and Tuscan vintages were around + 50%. A trend confirmed over the last twelve months. How to interpret these disappointing figures? A first cause may be related to the quality of the last harvests. With the exception of 2016, Bordeaux did not produce great vintages. For their part, the wines of Burgundy or Piedmont have probably not been sold quite expensive in recent years and there are price corrections. Finally, for some traders, property exit prices are too high: these tariffs, which satisfy the properties, stifle the market, demotivate the merchants and end up weakening the system.

Last year's season crop campaign, for 2017, was disappointingly disappointing for many traders. What will happen this year? If the wine is considered good, the international business environment is unfavorable. The Chinese bought a lot in the first half of 2018. The level of Bordeaux stocks is very important in Hong Kong. Beijing seeks to control Chinese cash flow abroad, which does not play in favor of Bordeaux. Also, the threat of a hard Brexit – and a negative impact of the evolution of exchange rates – is becoming clear, while everyone knows that London is a very important place for the wine market.

"The upturn could come from across the Atlantic, hope the director of a large castle.The Americans, after being interested in the rosé and wines of Italy, come back to Bordeaux.This is perhaps also related to California's Napa Valley wines have become very expensive, and the Americans we meet are more young people, not necessarily from the big cities, but from the good performance of their economy. " Hoping that the Trump Administration does not switch from a French wine tax to a value tax, which would have a huge impact. The wine world is approaching this campaign with great caution.

All about Bordeaux 2018

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