Italian Wine and the 2009 World Recession
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A market research commissioned by Vinitaly to Axiter-ConfCommercio/Unicab, indicates that Italian wine estates withstood the test of the 'great crisis' in 2009, and even organized themselves to continue growth in 2010. Exports and investments were both up again. Weak points include mark-ups, poor managerial culture, and the under-sizing of cellars.
Italian wine enterprises withstood the test of the 'great crisis' of 2009, and this was achieved thanks to further growth in exports and impetus in investments which involved acquisitions of land, modernization of equipment and cellars, and, most importantly, the distribution network in Italy and abroad.
This is the result of market research conducted on behalf of Vinitaly by Axiter-Confcommercio in collaboration with the Unicab Institute. The market research involved a panel of over 360 Italian wineries –including some of the larger estates and cooperatives, as well as small and medium producers representing all the Italian wine denominations.
Despite a climate characterized by general pessimism, the Italian wineries not only held on, but acted on the desire to use the difficult times to reorganize their estates by investing in the expansion of sales teams, acquiring new land and brands, as well as updating the technological equipment in the cellars.
This positive trend affected two wineries out of three, with double-digit growth rates in Italy and abroad.
In addition, the wineries which experienced positive growth in 2009, enjoyed limited increase of operating costs, or no increase at all. On the other hand, those which did not perform well, experienced shortcomings across the b oard, experiencing loss of market shares in Italy and abroad, especially in the Ho.Re.Ca sector, in addition to being penalized by significant increase of operating costs.
This distinctive divide is one of the main characteristics of 2009, which has evidently resulted in a 'natural selection' among the Italian wine estates.
Apart from the individual abilty of the estates to overcome the economic crisis, there are various 'bottlenecks' which put a hold on the market. Among others excessive mark-ups along the marketing chain and by restaurants, poor managerial culture and undersizing of the enterprises, difficulty in accessing credit and the cost of it when it is available, and lack of infrastructures.
In any case, the Italian wine industry will continue investing in 2010, but should focus on institutional interventions in order to remain competitive. Such interventions include assistance for exporters, tax benefits on business investments, and expanded support for the 'wine tourism' industry which brings business directly to the cellars.
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