As Bordeaux 2024 en primeur tastings commence, there is growing speculation that several prestigious châteaux may reduce prices for their upcoming releases. Critics have begun tasting barrel samples of this vintage amidst challenging market conditions, leading to discussions about potential price adjustments to stimulate consumer demand.
A survey conducted by Wine Lister revealed that industry professionals are urging an average price cut of around 31% compared to previous years, a trend that follows last year’s price reductions by major châteaux. According to Liv-ex, a prominent marketplace for wine, some producers are contemplating reverting to their 2014 release prices, which could offer significant value to buyers.
Data from Liv-ex indicates that the average prices of many recent vintages have decreased since their en primeur release. However, individual producers may adopt varied strategies based on their unique circumstances. Georgie Hindle, Decanter’s Bordeaux correspondent, emphasizes that while there is consensus on the need for price reductions, the specifics will differ depending on the nature of the 2024 vintage and the cost structures of individual estates.
Some estates are reportedly experiencing higher production costs while offering a limited quantity of wine, impacting their pricing flexibility. On the other hand, châteaux with lower price points may be less able to absorb discounts.
In its recent preview report, UK merchant Corney & Barrow highlighted the necessity for a "proper reset" to engage a new generation of wine consumers. They noted that while some wineries are releasing wines at attractive prices, many are still not aligning with effective pricing strategies.
Additionally, a success story from the Bordeaux region includes the 100-point Château Latour 2016, which was launched last March at approximately £6,200 for a case, demonstrating a notable market response for high-quality vintages.
As the en primeur campaign unfolds, there is anticipation for in-depth analysis available soon on Decanter Premium, providing further insights into the Bordeaux 2024 pricing strategies and consumer reactions.