The ‘golden week’ of October 1st did not bring a lot of profit for the wine importers in Hangzhou.
Hangzhou imported 154 shipments of wine, with an import value of $5,468,000 USD, declining by 29%, according to Hangzhou Inspection and Quarantine Bureau.
Local merchants are still stuck with stock left from last couple of years. Join & Joy wine buyer Cao Zongming said, gift-giving and luxury dinner-serving were essentially constrained.
He noted, most merchants entered the wine business before 2012, and now a lot of them are moving out, with little moving in.
‘Those who stay are basically just digesting their stock, so import demand is down significantly.’