Legacy Wine & Spirits International Ltd.,an importer and wholesaler of fine wines in China since 2008, announces that the Company intends to take advantage of the changing trends and growth that the wine industry in China is experiencing.
The Company will be focusing its 2013 sales and distribution of mid to lower priced imported wines towards Tier 2 cities in China.
Currently there are 20 million consumers of imported wine in China, just 1.5% of the population. According to Wine Intelligence, a global wine and market research authority, they estimate that the number of wine consumers will increase to 80 million by 2020, with the bulk of the new wine drinkers coming from Tier 2 cities. Although the wine market is currently focused on Tier 1 cities like Beijing, Shanghai and Guangzhou, there are up to 30 cities in China with populations of 3 million to 8 million where wealth is increasing. The Tier 2 cities will be the main engines of growth for the wine business in China.
Legacy's choice varietal to market in the red wine sector in 2013 will be Malbec from Argentina, which will provide excellent value for the consumer and has the potential to increase the Company's market share given its relatively new presence in the Chinese red wine market. The fact that the affluent Chinese who normally drink higher priced imported wines are starting to appreciate the joys of finding undervalued quality wines will bode well for the Company's selection of wines.
According to China Daily, China's wine imports have jumped from 182 million units in 2008 to 391 million units in 2011 with no slow down in sight for 2013. Wine consumption in China has more than doubled in the last five years, according to Vinexpo, a wine industry expert.
"Management is very optimistic that the growing trend of wine consumption in China can only be beneficial to Legacy's long term business goals," states Jaclyn Cruz, President.