Hong Kong is the most competitive place for fine wines said a report by Swiss private bank Julius Bar.
The price for a bottle of Château Lafite Rothschild 2000 remains most expensive in Shanghai at a cost of USD 4,142 and amongst the most price competitive in Hong Kong (USD 1,677). Luxury wines such as the Château Lafite Rothschild continue to be highly sought after in China because of the quality and perceived status symbol.
« Apart from higher taxes in China, luxury wine prices are driven by continued strength in Chinese demand, amid rising disposable incomes, aspirational consumption, increasing westernisation, and the rapid sophistication of drinking rituals » according to the report.
By 2020, China is set to become the world’s second-largest wine market. Wealthy Chinese are not only scooping up fine wines, they have also developed a taste for Bordeaux vineyards. Notably, Hong Kong has become an important sourcing hub for mainland consumers and is the second most important wine auction market in the world after New York City.