The UK could be approaching “peak prosecco” after it emerged sales of sparkling wine have continued to increase – but at a slower rate.
Research by accountancy group UHY Hacker Young found that 35.8 million gallons of sparkling wine was sold last year, an increase of five per cent on the previous months.
However, in a report published by the group they said it was the smallest increase since 2011 amid a rising cost of imports from Italy and France because of the pound’s weakness.
‘Prosecco moving to the mainstream’
UHY Hacker Young said prosecco may also be suffering from brand overexposure as a result of overstocking at supermarkets.
James Simmonds, a partner at the group’s Nottingham office, said: “A five per cent increase in sales is not at all bad but that comes after several years of double-digit growth.
“Unless the industry can revitalise its image this year, we may now be reaching ‘peak prosecco’.
“It is hard for a luxury product to make the leap into the mass market without losing its reputation for exclusivity.
Procucers ‘vying’ for market
“A lot of English wine producers are now vying to capture the space left, as prosecco moves to the mainstream.”
In April Lidl got into trouble with an advertising watchdog after the supermarket chain failed to quench shoppers’ thirst for the drink during last year’s August bank holiday.
The Advertising Standards Authority (ASA) ruled that the chain breached rules during its August bank holiday promotion because it did not make adequate efforts to inform customers that boxes of the wine had run out in many locations.
With additional reporting from Press Association.
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