Asian wine expo returns to Hong Kong
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(Hong Kong, March 2, 2010) - Hong Kong is confirmed as the leader of the Asian wine market as the world’s premier wine and spirits exhibition, Vinexpo, returns to Hong Kong’s Convention & Exhibition Centre [HKCEC] from May 25-27.
The latest 2010 market study conducted for Vinexpo by The International Wine and Spirits Record (The IWSR) has found wine consumption in Hong Kong continues to grow with annual per capita consumption up to 3.6 litres for the population of legal drinking age.
This makes Hong Kong the region’s most mature market, significantly ahead of both Japan and Singapore, with per capita consumption at 2.5 and 2.1 litres, respectively.
Hong Kong wine consumption increased by 75.9% from 2004-2008, and the Vinexpo / The IWSR study forecasts continued growth of 70.8% between 2009 and 2013 - reaching 4.793 million 9-litre cases, equivalent of 57.5 million bottles.
The study noted significant growth in Hong Kong consumption since duty on wine was abolished by the Hong Kong government in February 2008.
“The decrease in taxes makes cheaper wines more popular,” it noted, with marked growth in sales of wine priced under US$10 (HK$78).
Between 2008 and 2013, consumption of wines priced at less than US$5 per bottle is expected to increase the most and is estimated to attain a growth of 166.5%.
Hong Kong consumers predominantly prefer red wines, accounting for 80.6% of sales. White wines account for 16.1% and ros
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