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Hangzhou wine imports drop 30% by Yang Fengyi 22/10/2014  


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.’