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Luxury food industry turns sour amid virus outbreak

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Global buying of premium foods like wagyu beef and bluefin tuna has plunged due to restaurants shutting down because of the pandemic.

As strict lockdown measures to contain the outbreak ravage global economic activity, the luxury food industry could be among the worst-hit since it heavily relies on restaurants and top hotels for demand for deluxe items from caviar to champagne.

People are also less likely to consume luxury foods when stuck at home in the middle of a health crisis and worried about their financial situation, or under clinical social distancing measures as eateries reopen. Russia’s top sturgeon breeding company - Russian Caviar House – meanwhile was offering a 30% discount for Beluga hybrid caviar.

 

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