Primeurs 2023, results:

2023 vintage of Bordeaux wines is marked by drastic price cuts to “revitalize” Bordeaux wine economy. The price trend for the 2023 vintage, whatever the bank, is on average 30% less than the price of 2022.

In fact, there is a general awareness of the complexity of the situation in a very delicate economic context, notably the decline in consumption that reflects disturbances of the global market. Covid-19 followed by the war in Ukraine and consequent supply chain disruptions and more recently the strong inflationary pressures in many key markets. China, for its part, confirms the decline of its domestic market which has been constant for several years with a reduction in imports in volume of 25% and 22% in value. China’s wine consumption decreased by an average of 2 million hectoliters per year in recent years. The United States are waiting for the next presidential election and possible "Trump taxes".

Consequently, this geopolitical and economical turbulences cut the spending power of many of the buyers of the world’s premium fine wines. Bordeaux’s production volumes are higher than in Burgundy or California, and there is a reported surplus of its wine available on the market due to demand slowing down.

As was expected, Château Lafite Rothschild was the first of the Premiers Grands Crus Classés to market its 2023 vintage. With a price down -31.7% compared to the previous vintage, it confirms the trend and sets in motion a potentially favorable dynamic for all Bordeaux PDO.

Finally, not thanks to but in spite of all growing cycle and harvesting conditions, the 2023 Bordeaux vintage is of excellent quality with the prices motivating buyers’ interest, and helping to benefit the rest of the sector.

Sources: OIV (International Organization of Vine & Wine) : State of the Vine and wine Sector, Press Conference of 25 April 2024.