Figures from the Office for National Statistics’ (ONS) latest annual Family Spending Report suggest that British families are starting to buy Champagne again.
Champagne, the decadent sparkling wine produced in the French region that bears the same name, is considered by many consumers as a luxury item. When the UK’s economy crashed in 2007-2008 and households had to rein in their spending to cope with the recession that followed, many families chose to stop buying Champagne and go for cheaper options such as beer and prosecco instead.
Family Spending Report
However The Telegraph recently reported that the ONS’ Family Spending Report for 2015 indicates that households have started to return to the luxury items market. The paper found that average weekly household expenditure in the UK increased £7.40, to £531.30, in the last year. This is the second year that spending has risen, but it’s yet to hit pre 2007-2008 levels.
Giles Horsfield, editor of the ONS Family Spending report, commented on its findings. Horsfield said that “after years of decline we’ve started to see household spending rise as the economic recovery spurs consumer confidence.” He went on to note, “this includes items families have been putting off purchasing in recent years such as new cars.”
Champagne vs. beer
The luxury items British consumers are starting to buy again included Champagne. The report showed that total spending on Champagne increased by 20% from £10 million in 2013, to £12 million last year – even without adjusting for inflation.
In contrast, household spending on beer dropped from £45 million in 2013 to £44 million last year, as far as overall terms were concerned. Also, average family spending on mineral water per week hit £10 in 2014 – rising 10% from £9 the year before. The implications of this data are clear; consumer spending may remain fragile, but households are starting to desert bargain basement products for higher end items such as Champagne and mineral water.
Buy our Champagne
If you want to see why so many families are buying Champagne again, why don’t you purchase the Salon 1999 from the Ideal Wine Company? This massive, full-bodied vintage will saturate your palate with a delicate array of heady, fruity flavours, providing you with the drinking experience of a lifetime!