By Dropping Duties, HK Paves The Way For Wine Imports To Increase Rapidly; Can The Mainland Be Far Behind?
Veteran China- and Hong Kong-watchers (and we at CLCB) have noted that the Greater China region has been one of the brightest spots for wine industry growth for a few years now. Although demand has been steadily growing in Hong Kong for quite some time, due to consumer tastes that widely favor Western wines, consumers in the Mainland have been a huge growth segment only recently. Throughout the region, China’s most devoted wine buffs have increasingly become a fixture at fine wine auctions, such as the one held in Hong Kong by Sotheby’s last month, in which 100% of the wines up for auction sold. But following the Hong Kong government’s decision to drop wine duties last year, global wine exporters have been able to develop an even bigger and more stable footprint in this critical port, paving the way for smoother access to the coveted Mainland market.