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Financial information17/02/2025
According to the OECD, Australia's economic growth is set to slow to 1.5% in 2024. The outlook for 2025 suggests a gradual recovery, with growth of 2%, supported by improved domestic demand and a possible stabilization of global economic conditions.
Despite an increase in its adult population of 2.7 million over the past 5 years, Australia is experiencing a decline in wine consumption. Nevertheless, while there are fewer regular wine drinkers, their community of connoisseurs is growing more refined. Among them, 42% show an interest in Bourgogne wines, an increase of 7% from 2022 to 2024.
Australia, a modest market for Bourgogne wines in the early 2000s, has experienced steady, albeit uneven, growth over the past 20 years. In Oceania, it holds a dominant position, accounting for 90.5% of revenue and 87.7% of Bourgogne wine export volumes in the first 11 months of 2024!
White wines account for 65% of the volumes exported to Australia, contributing 54% of the revenue (+3% in value compared to the first 11 months of 2023).
Highly appreciated, red wines represent 26% of the volumes (-11.8% / 11 months of 2023), accounting for 43% of the revenue from Bourgogne wines in Australia (+7.7% / 11 months of 2023).
The "off-trade" sector is predominant in Australia, accounting for between 80% and 90% of wine purchases, depending of the source. This segment is facing a post-Covid decline, similar to the On-Trade market. This situation may explain the slowdown in Bourgogne wine imports.
Economic report written by the Markets and Development Unit - BIVB – January 2025
(Sources: Customs DEB&EMEBI+DAU - IWSR - BIVB)
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Autralia market report - february 2025