China’s wine and liquor sales recovered quickly in March after a sharp decline due to the corona virus epidemic. This is a rare sign of optimism that confidence in the global economy can return earlier.
BI BI Wine & Spirit’s global sales increased 25% in March after the blockade began in Asia.
Despite concerns about the virus, sentiment from Asian parties ensured that global sales of wine and alcoholic beverages were similar to March 2019, the company said.
Although the Chinese economy contracted more than 6% in the first quarter, it did not seem to worsen at the end of the period.
Gary Boom, BI director, said: “We did see weak demand from Asia earlier this year, but there has been an extraordinary decline in recent weeks, which is a very encouraging sign that consumer confidence will return to China.”
The company also said that the value of good wine on its stock exchange remained stable compared to fluctuations in the broader stock market.
Rare wine has become one of the leading alternative asset classes in the world.