Champagne sales worldwide appear to have fizzled out in 2024.The traditional toast to life's celebrations like weddings, promotions, and even christening new ships appears to have fallen flat.The CFO of luxury holdings company LVMH, which owns brands like Louis Vuitton and Moët et Chandon, believes it has to do with consumers feeling happy enough to celebrate.
Shipments in the first half of this year reached 106.7 million bottles."The gloomy global geopolitical and economic situation, as well as generalized inflation, is weighing on household consumption," David Chatillon, Champagne Houses lobby chairman, shared in a statement from the Comite Champagne .CHIPOTLE CEO ADDRESSES BURRITO BOWL PORTION SIZES AFTER BACKLASH"Champagne also continues to suffer the consequences of overstocking by retailers in 2021 and 2022," Chatillon added.