Fine wine spending in a recession
May 9th, 2008 by admin
Do the wealthy think we're in a recession? Yes (see yesterday's Wall Street Journal story, Wealthy See Recession, Poll Says).
Is it affecting their spending on fine wine? No (based on Vinfolio's growing sales volumes as well as those of some other fine wine importers I know).
Why not? Demand for fine wine is determined on a global basis and other parts of the world are still going strong enough to absorb finite supplies. Moreover, "spending" really only occurs when you consume your wine. Until then, you are merely converting cash into another asset class, which in this case is likely to grow in value.
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