Fine wine connoisseurs up spend in face of economic downturn

Connoisseurs and “wealthy’ collectors are lining up to beat the global economic squeeze by investing in fine wines and single malts as inflationary pressures take hold.

Supplier and retailer Bordeaux Index upped sales by 37% in the first half of the year and revenues at the group reached £80 million in the period until the end of June.

LiveTrade, Bordeaux Index’s online trading platform contributed to growth, with trading by value increasing by 55%, as investors added more wine and spirits to their portfolios.

Sales of Champagne and Italian wines on the platform were up 80% and 60%, respectively, by value.

Gary Boom, founder and boss of Bordeaux Index, said that “interest in wine and whisky as asset classes has never been higher.”

“We are delighted to have recorded such strong growth in the first half of the year, as we continue to execute on our key strategic focus areas: our LiveTrade online platform, which is transforming the way wine is bought and sold; Collectors, for whom we believe we have a truly differentiated global offering in combining passion for the product and a deep understanding of the market.

“This continues to be an exciting time in the wine and spirits markets and we believe Bordeaux Index is very well placed to capitalise on the opportunities.”

Across the market wine prices were up 10% in the first half of the year, driven especially by the super-rare “blue-chip” Burgundy. Upscale Scotch whisky prices were up 12%, with Macallan in particular continuing strong momentum from 2021.

Bordeaux Index also taken a foothold in the Florida market by opening a new office in Miami.