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News
NZ supply and demand back in balance
The erosion of New Zealand’s premium image has been halted due to a rise in the average bottle price in the UK, according to New Zealand Winegrowers’ European director David Cox.
“The potential image issues and fears I had last year have not materialised because we have been able to get the supply and demand back into balance,” Cox told db.
The average price for New Zealand has now climbed back to over £6 a bottle and represents the highest average retail price in the UK off-trade at £6.21, versus all wine at £4.80.
New Zealand is also the fastest growing New World country by volume at +5% MAT in UK off-trade, and the fastest growing New World country by value at +8% MAT in the UK off-trade.
Meanwhile, it is the best performing New World country in the premium price segments of the off-trade, accounting for 22% of all wine sold in the £9-10 price bracket.
A year ago, Cox warned that deep price discounting and selling bulk wine to retailers “continues to erode our well-earned price premium, reputation and image.”
Last November, the average price of a bottle of New Zealand wine slipped to £5.97.