Champagne producers reported a troubling 9.2% decline in sales for 2024, reflecting a "gloomy political and economic context." In the domestic market, sales fell by 7.2%, hitting a record low of 118.2 million bottles—the weakest performance since 1985. Export numbers were even more challenging, decreasing by 10.8% to 153.2 million bottles, marking the lowest demand since 2002 during events like the dot-com crash and the 9/11 attacks.
Maxime Toubart, president of the Champagne Syndicat Général des Vignerons (SGV), noted that Champagne serves as a "true barometer of consumer mood." He pointed to inflation, global conflicts, and political uncertainties—particularly in major markets like France and the US—as contributing factors to the lack of consumer enthusiasm for celebratory drinks.
France, in particular, faced considerable political turmoil throughout 2024, with President Emmanuel Macron’s party struggling in the European Parliament elections, prompting a snap parliamentary election that did not yield a clear majority. The resulting political paralysis led to frequent changes in leadership, destabilizing the government’s ability to address pressing economic issues, including a 3% decline in the CAC 40 stock market index amidst decreasing demand for luxury goods in key markets like China.
In contrast to this bleak landscape, Moody’s downgraded France’s credit rating, pointing to a "materially weaker" economic outlook. On a global scale, the International Organisation of Vine and Wine (OIV) reported that wine consumption reached a 27-year low in 2024, attributing this decline to rising inflation and shifts in consumer behavior toward healthier lifestyles.
Despite these challenges, some producers remain optimistic. David Chatillon, president of the Union des Maisons de Champagne, expressed confidence in the Champagne model, emphasizing sustainability and the need to prepare for future markets and consumer bases.