HONG KONG: Wine sales rise on tax cut

    Supermarket wine sales in Hong Kong grew by 26% in 2008 to reach HK$490m (US$63m), according to figures released by Nielsen.
Hong Kong consumers bought 8.5m bottles of wine last year, up 37% on the previous year, said Nielsen today (15 April).
   
    The market research and analysis group attributes the rise in consumption to the government's decision last March to scrap import duties on wine, to make Hong Kong a regional wine-trading hub.

    "The average price of a bottle of wine has fallen 7% compared to a year ago," said Nielsen's executive director for retail measurement, Angel Young. "The price of premium wines costing more than HK$200 per bottle experienced a steeper decrease of over 20%."

    Nielsen said that sales of red wine continue to drive Hong Kong's wine market, up 27% on 2007, with white wine growing 18% in value.