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UBS: CHINESE WOMEN CAN ADD USD5.3T SPENDING, LUXURY PRODUCTS INCLUDING ALCOHOL WILL BENEFIT

By Tony Zhu

1-11-2021



Credit: Siulan Law Mathews

Swiss bank UBS estimated in a report that “female empowerment” in China will add between USD3.3 trillion and USD5.3 trillion to overall consumer spending in China by 2030, thanks to rising incomes and independence.

It said the whole luxury sector could benefit from Chinese female consumers’ increasing wealth and spending. Some luxury categories will benefit more, including jewelry and leather goods as well as alcohol.

The report said alcoholic drink consumption is becoming more gender-neutral throughout China, with data showing an increase in female drinking from 2018 to 2020.

In particular, says UBS. beer and baijiu have gained popularity with Chinese women trying new tastes and flavours.

At Sotheby’s rare wine and spirit auctions in Hong Kong and China, the number of female buyers has increased by 55 percent every year over the past five years.

James Ritchie, head of wine and spirits auctions for Sotheby’s, said that younger buyers often make these purchases. They are “more independent and less inhibited, which runs across both female and male buyers,” he said.

China’s female millenials are increasingly drinking premium spirits too. Chinese traditional baijiu is the most popular spirits while whisky is becoming more and more popular among younger women.

“There’s a generational shift, the younger generation is starting to learn about whisky,” said Thorsten Hartmann, director of IWSR, which tracks the global drinks industry.

Women and millennials are making up an ever-increasing percentage of whisky sales to China, which has become the world’s fourth-largest Scotch market.

But the optimism surrounding female purchasing power in China is tinged with caution because of President Xi Jinping’s new “common prosperity” drive.

Most in the industry still remember Xi’s 2013 anti-corruption drive all too well. A 55 percent drop in luxury imports including alcohol, jewelry and watches that year hit the industry rather hard.

(the writer can be contacted at: info@thewinechronicle.com)

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