Bordeaux’s price performance and the scale of the task ahead

The 10th annual study of the region from Wine Lister portrays a mixed picture on the eve of the 2025 primeurs, with trade confidence recovering but recent pricing history a bloodbath of double-digit declines.  

It can sometimes feel as if the wine trade has been debating the future of Bordeaux en primeur for decades – possibly because it has. But the creeping sense that the system is facing an existential threat has only been reinforced by the past few campaigns, culminating in last year’s disastrous showing. Nonetheless, there are a few signs of returning positivity, according to Bordeaux 2.0: Wine Lister’s 2026 Bordeaux Study.

The report, now in its 10th year, analyses quantitative and qualitative data on 134 leading Bordeaux wines to create an overview of the state of the market, coupled with a survey of 74 senior figures from the global wine trade – CEOs, MDs and wine department heads from importers, retailers, auction houses and players on La Place de Bordeaux, claimed to represent well over one-third of global fine wine revenues.

Confidence recovering

Given the parlous state of the fine wine market since the bursting of the post-Covid bubble, the findings are (in part, at least) surprisingly bullish. Trade confidence – scaled from zero to 10 – has recovered to an average of 6.4, appreciably up on last year’s figure of 5.9, and slightly ahead of 2024 (6.2).

This renewed sense of measured optimism permeates to the level of individual wines. Out of the 134 wines covered by the report, trade confidence levels have improved for 117 (compared to 43 in 2025), while they have declined for only eight (versus 90 last year). Confidence score increases of more than one point were registered by 14 wines, compared to only two in 2025.

Even where there were declines, Wine Lister suggests that there might be good reasons for them. “The only two wines within the top 50 to see a decline were Château Les Carmes Haut-Brion and Château Montrose: two estates that have enjoyed significant momentum in recent years,” the report notes. “This may indicate a natural cooling following a period of heightened enthusiasm, rather than a deterioration in trade perception.”

But the prices less so…

That’s the good news. When the report turns to look at the price performance of the past few Bordeaux vintages, the scale of the task ahead for the region becomes painfully apparent.

Wine Lister has analysed pricing data compiled from the last five en primeur campaigns (so vintages 2020-24), comparing it to B2C market price data from Wine Decider Pro, looking both at lowest prices available in the UK (seen as the market baseline) and average global prices (which are appreciably higher – up 45% on average versus the lowest prices).

It will come as little surprise to anyone in the trade that the price performances of recent vintages have been pretty dismal. According to Wine Lister’s analysis, 2021 is the hardest-hit, with the lowest market price down by an average of 27% since en primeur release. But 2020 and 2022 fare little better, with average dips of 19% and 17% respectively.

More recent vintages have shown an improvement – so far, at least – with 2023’s lowest prices 4% below en primeur, and 2024 flat. Whether that offers sufficient incentive to re-enter the en primeur market this year, however, is open to question.

Again, these broad conclusions are borne out by the numbers for individual wines. Of the 118 wines for which credible pricing data is available, over the course of the five vintages, average pricing has declined by 13% since primeurs – notably worse than the figure recorded in 2025 (-5%). Only seven have seen an average price increase, while the worst performers were Le Clarence de Haut-Brion (-25%), Bélair-Monange and La Mission Haut-Brion (both -26%).

If that makes for grim reading, the report also addresses the vexed question of how Bordeaux can extricate itself from this mess, above and beyond the obvious mechanics of pricing and release quantities, again based on Wine Lister’s survey of senior global wine trade figures.

Trends to consider

Some of these reflect current trends, such as the shift in demand in favour of wines that are drinkable young, with lighter extraction and less apparent oak, but respondents also highlight the importance of experiential marketing and oenotourism – in other words, the connection between the estates and their consumer and trade audiences, which has arguably never been more vital.

“While stylistic preferences are evolving for approachable, easy-drinking wines, respondents stress that Bordeaux cannot compromise on the timeless qualities that define the region,” the report notes. “There is consensus among the trade as to what drives demand today: experience, be it experiential marketing or distinctive oenotourism experiences.

“Equally powerful are the stories of the people behind each estate. This sentiment isn’t new, and many of the region’s producers have already made these experiences and messages central to their marketing efforts.”

The overriding feeling is that, for en primeur and more broadly, Bordeaux stands at a crossroads (and not for the first time). For all the damage that has been done by recent campaigns, there are early signs of confidence beginning to return, alongside faith in the region’s intrinsic qualities. The question is what happens next.

The Wine Lister report concludes: “The strategy is mapped, the wines are evolving, and Bordeaux is already taking steps to translate its heritage into wines that speak to today’s consumers. The challenge ahead is also an opportunity: can the region honour its traditions and loyal audience while adapting to the expectations of a modern, global market?”

The ensuing weeks will go some way to answering that question.

Related news

Key week for Bordeaux en primeurs as pace quickens

Bordeaux 2025 en primeur: star picks from the Right Bank 'satellites'

Bordeaux 2025 en primeur: Sauternes & Barsac ‘very rich, very powerful’