For those who read the drivel I put on the T&J blog (of whom I am of course grateful to) – would (I hope) appreciate that sometimes one can offer a candid view of the world that revolves around us, and more precisely; the fine wine market. But more often than not, there will always be some substance lying between the lines – that holds some significance to the big wide world we live in, and most definitely a pinch of ‘relevance’ to the market from which I earn my crust (I did warn about the drivel part) …………..
As is my preference (and out of necessity), I clicked through the various financial www’s this morning (as is part of my breakfast ritual) and noted interesting headlines on the expected increase to China’s airline fleets – ‘to triple in size within 20 years’! Many of the related articles referred to the ‘super’ nation’s GDP still going full-steam-ahead, (compared to most of us), at a rate of 7.5% – according to ‘official’ figures.
Now I am no economist (alas only a mere wine broker)……but this got me thinking…………. It really should come as no surprise to hear such news – the land of the Dragon is tipped to become the world’s super-power by 2050 – (oh no, sorry that has just been revised to 2030!). The recent doom and gloom cast upon this ‘land-of-plenty’ surely was somewhat exaggerated and perhaps drawn from the Whitehouse shadows?? So the country’s GDP has slowed down from almost double figures (despite recent rumours even these figures had been ‘cooked’ by local governments to gain additional funds) – which had been sustained for so long – but as the rest of the world struggles in its own mire – the obvious repercussions to the Dragon should have been seen coming. However, the fact that such colossal wealth-creation within, and burgeoning middle-class during this time have taken to the luxuries on offer to them; it again should be no surprise that they really have developed a taste for all things fashionable. From a Koenigsegg Agera R to a Hennessey Venom GT (these are sports cars by the way!?); a Renoir to Constable; Cartier to Chopard – they want it all – and then 2 of the next big thing! This goes for the very finest Wines and Spirits, and like all those who have passed before them, their appetite for knowledge within these walls of luxury seems insatiable.
The real net-wealth figures for the ultra-wealthy in China are quite eye-watering – compared to some of the big players in the West. But the fact that these guys have really only just started will again surprise many – whose ignorance is clear when they gasp at yet another Chateaux purchase within Bordeaux heartland.
The point I am trying to make here is that their ‘new’ membership to the world of extravagance should be taken with the seriousness is deserves.
We should no longer become shocked by the pace at which the country’s newly ‘shared’ wealth expands into our back yard!
Lookout the ‘Bilderberg Group’ – stock up your cellars because the Dragons are here to stay and they (like you) want to drink it ALL!
Many thanks to Spiros Malandrakis – Senior Alcoholic Drinks Analyst at Euromonitor International for allowing me use the above graphs in this blog to illustrate my words past and future!