Favourable expectations for sales of Spanish wines in China and Hong Kong

From http://www.icex.es/icex/cda/controller/pageICEX/0,6558,5518394_5519005_6366453_4408680,00.html (in Spanish)

The Observatorio Español del Mercado del Vino (Spanish Observatory of the Wine Market, OeMv) has issued a report on the wine market on the world's leading emerging economies, such as Brazil, Russia, India, China and Hong Kong. Since 2002, exports to China are reflecting a steady growth due to the increase in wealth of the urban medium and high classes, which account for 70-90 million people in China alone. Red wine accounts for more than 90% of the sales but some local specificities, such as the appreciation of Chinese people for sweeter tastes, should also be taken into account in the wine sector.

The situation in Hong Kong is remarkably different. The 2008 abolition on taxes on wine imports was an important step on the announced strategy of becoming the gate to Asia for this product. Surprisingly, in 2009 Hong Kong already became the second world capital in wine sales through auctions, ahead of London and just behind New York City. The percentage of wine consumption related to the consumption of other alcoholic beverages is 13%, one of the highest in Asia.