A French industry lobby said that Britain is set to lose the nation’s ranking as the biggest importer of champagne in the world, citing the effect of a weaker pound since the United Kingdom voted to withdraw from the European Union.
The boss of the Union of Champagne Houses (UMC) said that sales to Britain are anticipated to drop by 10 percent this year.
According to the CIVC industry association, there was a 9 percent fall in volume last year to 31.2 million bottles.
“With a slowing economy in Britain, people are less inclined to spend on luxury products,” stated Jean-Marie Barillere, the UMC Chairman, in an interview this week.
He said that the United States is possible to take the top spot in terms of volume and is already ranked as the number one by value.
14 percent of the British pound’s value is already lost against the euro and 10 percent against the U.S. dollar since the United Kingdom voted to leave the European Union in June 2016.
UMC represents champagne brands such as Veuve Clicquot, Moet & Chandon, and Ruinart, that is owned by the LVMH, the world’s biggest luxury group.