Vinexpo Asia, the region’s premier international wines and spirits trade exhibition, is set to return to the Hong Kong Convention and Exhibition Centre from May 28 to 30 and I will be there. This year’s edition marks a significant milestone as it returns to Hong Kong for the first time since the onset of the pandemic. And it is nice to be back. Fine wine producers have never wavered from their commitment to the Asian city, which in recent years has lost its lustre as the region’s – if not the world’s – most important luxury hub.
Fine wines had their heyday in Hong Kong, but things have changed a lot since the pandemic. Hong Kong, lauded as a “veritable gateway to Asia,” emerges as the ultimate location to connect with the market. Despite continued private consumption growth, the city has witnessed sluggishness in imports, exports, capital investment, and tourism, with visitor arrivals remaining well below pre-pandemic levels.
Mainland Chinese visitors have historically been the lifeblood of Hong Kong’s retail and services sectors, spending on upscale restaurants. After a period of exceptional growth, the market is now entering a phase of normalisation, influenced by certain macroeconomic factors such as a global economic slowdown and currency fluctuations which impact spending power. But even if spending patterns still exhibit some level of restraint, I believe Hong Kong prepares to once again take center stage in the world of luxury. Recently Chanel has set a date to bring its Cruise 2025 collection to the vibrant city, and this is great news.
There will a lot of new opportunities for fine wine brands at this year’s Vinexpo Asia. The major challenge will be to meet people in touch with the new duty-free paradise of the southern island of Hainan. This part of Hainan is where the Chinese government plans to create the world’s largest free trade port. Our clients believe that Hainan is well-poised to become one of the fastest growing luxury markets in the world. I do agree with them and this is the reason why I could not miss the opportunity to be in Hong Kong next week. See you there!
Contact Guillaume Jourdan via LinkedIn
