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Demographic Shift and Surging Cross-border Spending Reshape Hong Kong Wine Scene

Demographic Shift and Surging Cross-border Spending Reshape Hong Kong Wine Scene

Vinexpo's High-stake Return to Hong Kong/ Interview with ASC CEO/ ProWein 2024

Natalie Wang
March 05, 2024

Hello, this is Natalie from Vino Joy News.

This week, we bring to you two interviews with China’s leading wine importers, one with CEO of ASC Fine Wines and another with Jefferson Liu, General Manager for Hong Kong and Macau at EMW Fine Wines.

Starting from this weekend, the much anticipated ProWein will kick off, and two months later in Hong Kong, the Vinexpo Asia will stage its high-stake return. Historically, Chinese buyers have been the biggest draw of Vinexpo Hong Kong, their presence a barometer for the event’s success. But this time around, the industry watches closely to see if these once-dominant Chinese buyers return in force or if their absence signals a deeper, more lasting change in demand and consumption patterns.

Here are the must-read stories.

Hong Kong Wine Scene’s New Normal

Hong Kong’s wine trade is grappling with new realities.

The city’s once-bustling wine scene faces unprecedented new challenges amid the city’s economic downturn, shifting demographics following expat exodus, and an increasing number of penny-wise locals who prefer to wine and dine across the border.

As the city goes through “a transitional phase,” the changes are reshaping the city’s wine trade and consumer behaviours, warns Jefferson Liu, General Manager for Hong Kong and Macau at EMW Fine Wines, a leading wine importer in Greater China region.

Vinexpo Hong Kong’s High-stake Return

After six years of hiatus that was interrupted by pandemic and a strategic shift to Singapore, Vinexpo Asia, the flagship international wine and spirits trade exhibition in Asia, is returning to Hong Kong this year from 28 to 30 May, hoping to consolidate its role as “a pivotal catalyst for growth in the Asian market.”

The three-day trade show is poised not just as a comeback but as a critical test for the global wine and spirits industry in Asia. The question isn’t merely whether the event can recapture its pre-pandemic glory, but whether it can navigate the turbulent waters of a market that has undergone significant shifts during its absence.

The Big Interview With ASC Fine Wines CEO

In the interview with us, Makoto Nagae, CEO of China’s leading wine importer ASC Fine Wines, shares the cornerstone that has propelled the company’s resilience.

Nagae also discussed the rise of instant retail and why it is “a new highlight in the wine distribution evolution in China.” Looking to the future of wine, the industry veteran sheds light on how ASC strategically pivoted to engage the next generation of wine consumers and why ASC is bullish on boutique Chinese wine’s growth.

ProWein 2024 to showcase ‘world’s largest wines and spirits line-up’

From March 10 to 12, more than 50,000 wine and spirits professionals from around the world are set to gather in Düsseldorf for ProWein, heralded as world’s No. 1 trade fair in drinks industry. Marking its 30th anniversary, this year’s edition will unveil what organizers tout as “the world’s largest and most comprehensive lineup of wines and spirits,” with participation from 5,700 exhibitors spanning over 60 countries.

India’s drinks market to outperform global average

India’s beverage alcohol market is tapped to record significant growth, driven by a youthful population with up to 20 million new consumers annually and an increasing preference for premium products, according to IWSR.