The Fine Wine Market in the United Kingdom: the Italian perspective and evolutions in consumer tastes

The UK market: challenges, opportunities and changes

Claudio Povero provides a detailed look at the wine market in the UK, the third largest wine-consuming country after the USA and Germany. The success of Italian wine is notable, with Italy being among the main exporters together with France, Spain and Australia. This is attributable to various factors including the excellent quality-price ratio, the growing interest in organic and biodynamic wines, the variety of styles and the fascination for the history, culture and cuisine of the Bel Paese.

Povero also underlines the challenges that the UK market is facing, including the general decrease in wine and spirits consumption, partly influenced by the increase in costs for producers and exporters and the growing pressure on the cost of living. The Excise Duty reform, aimed at increasing taxation on alcohol to reduce consumption, especially among young people, has influenced drinking habits. At the same time, the rapporteur underlines a general sense of optimism, in particular for Italian producers.

Fine wines in the UK: a look at the present and the future

Adam Lechmere instead focuses on the world of fine wines in the United Kingdom, highlighting the "dominance" of the giants of the sector, such as Corney and Barrow and Berry Brothers. These companies, although they have different operational approaches, share a similar customer base of affluent, cosmopolitan individuals who show a specific interest in investing and collecting wine. Largely male, this clientele often works in sectors such as finance, medicine and academia, with a tendency to travel frequently. They are individuals looking for investment opportunities, with adequate financial resources but limited in time.

However, the dynamics of the sector are undergoing a significant transformation. On the one hand, economic challenges and rising costs are pushing distributors to review their wine offerings. On the other hand, the preferences of a new group of consumers, younger and more sensitive to sustainability and non-alcoholic wines, are posing a new challenge for producers of fine wines. Furthermore, with the increase in the presence of women in the sector, a future change in the communication and promotion of fine wines proves necessary.

Claudio Povero and Adam Lechmere

Claudio Povero is a Trade Analyst at the Italian Trade Agency in London, involved in the promotion of Italian wines in the United Kingdom and Ireland. Since 2020, he has coordinated initiatives such as the Wine Exchange in London and Dublin and managed the Italian Pavilion at Imbibe. With experience in importing and marketing wine in the UK, he has also supported Italian producers on the Brexit Desk. Adam Lechmere, Publishing Director of the Academie du Vin Library and General Director of the IWSC Foundation, has a 25-year career in the world of wine. Former editor of decanter.com, focusing on Spain, California and Italy. Having graduated in English Literature, he spent years in Madrid before returning to the UK in 1990. Before the world of wine, he worked for the BBC and wrote travel books. He currently lives in London.