Saturday, 25 February 2017

25.2.17 Sherry Leads the Trend for Firmer Prices

It is an open secret. Sherry is quickly regaining its value and is building up its prestige as a direct consequence of , among other reasons, the rise in sales of the higher quality wines in place of falling sales of the cheaper ones, mainly buyers own brands (BOB). Although the bodegas don’t supply the Consejo with details of the value of their sales, this is the principal conclusion which can be drawn from the evolution of Spanish fortified wine exports. Sherry practically monopolises this category which last year saw a rise of 4% in value and a drop of 9.4% in volume.

According to figures prepared by the Observatorio Español del Mercado del Vino (OEMV) from national tax office data fortified wines, led by Sherry, closed 2016 with 18.4 million litres sold with a value of 68.3 million €. Despite selling 2 million litres less, the bodegas earned 2.6 million € more. This good performance from fortified wines and Sherry in particular, has resulted in an increase in its average price to become the highest of all Spanish wines, at 3.70 € for 2016. The average price for the DOP Spanish table wines was 3.35 € and 2.5 € for sparkling wines. The general trend is for lower volumes, especially in bulk, and higher prices, and it has to be said that Spanish wine has been far too cheap for far too long which does nothing for its image - or the livelihood of its producers.

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