SA's wine industry experiencing hangover due to slowdown in sales
A lack of confidence in the economy it seems, is leading to a slowdown in wine sales.
South Africa's wine exports increased in value by 4% to US$562 million. However locally, sales are not on par with exports.
That might be in line with international trends, where global wine consumption has been declining, with a 3.3% decrease in 2024 to 214 million hectolitres.
The local industry also faces many challenges like declining consumer confidence and global economic pressures that impact consumer spend.
Speaking to Stephen Grootes on The Money Show, Michael Fridjhon, founder of Winewizard.co.za says with less money in consumers' pockets, it's no surprise that wine sales are down.
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