Cognac drops in demand for the first time in six years
Worldwide demand for...
Worldwide demand for cognac dropped by 6.2 percent in 2008, the first slump in six years in steady market growth and an indication of the worldwide economic slowdown, according to France24.
A total of 148.2 million bottles were sold, mostly for export, compared to 158 million bottles in 2007, which was a blockbuster year for cognac, according to the Bnic cognac national trade office.
Total revenue from sales however was up 0.3 percent at 1.61 billion euros, driven by strong demand in Asia for high-end cognacs.
Bnic marketing director Jerome Durant said the drop was linked to the global downturn.
Demand plummeted 14.2 percent in North America and 7.8 percent in Europe, but in Asia, it was up 6.2 percent, driven by China.
From 2001 and 2007, cognac sales worldwide soared 36.8 percent.