NEWS
JAPAN: PRICE OF IMPORTED WINES DROPPED 1.7% WHEN FIZZY DRINKS UP 16.7%
By Susan Lewis
2-3-2023
Credit: Sorasak/Unsplash
The price of imported and domestic wines in Japan dropped by 1.7 percent and 0.1 percent respectively in January 2023 from a year ago, according to official government statistics data.
Wine is the only beverage category which saw prices drop when Japan’s headline inflation hit a 41-year high at 4.3 percent in January.
Comparatively, prices of sake saw a 10.5 percent hike and beer 6.3 percent (non-alcoholic beer increased 9.4 percent).
Prices of other beverages increased by 6.3 percent overall, with the coffee category rising 7.7 percent and instant coffee by 13.7 percent, while carbonated drinks increased by 16.7 percent.
It is not sure why wine prices in Japan managed to drop in a high inflation environment, it could either be due to a severe oversupply or a very weak demand.
Japan’s young consumers are among the keen supporters of the low & no category, the inflation bucking decline in wine prices in the country could well be a result of their drink preferences.
(the writer can be contacted at: info@thewinechronicle.com)
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