The global premium wine market remains in a state of stagnation, according to the May 2025 report by Liv-ex (The London International Vintners Exchange).
The findings reflect a complex landscape marked by sluggish demand, declining indices, and persistent market uncertainty, despite some bright spots—namely, rising purchasing activity from Asia.
Bordeaux en Primeur Fails to Reignite Market Momentum
Expectations were high for the 2024 Bordeaux en primeur campaign, but it ultimately failed to revive market enthusiasm. According to Liv-ex, buyer engagement has been tepid, dampened by wider economic concerns, a lack of confidence in future returns, and uncertainty surrounding tariffs and international trade tensions.
Key Liv-ex indices continued to fall in May, although at a slower pace compared to the steeper declines seen in April. The Champagne 50 Index recorded the largest drop, signaling weakening demand for the once-booming category. In contrast, two indices managed to edge into positive territory:
- Rest of the World 60 Index (covering Spain, Chile, the U.S., and Australia): +0.4%
- Bordeaux Legends 40 Index (tracking older Bordeaux vintages): +0.1%
These marginal gains offer limited consolation in a market where price corrections and stagnation remain the dominant themes.
Asia Offers a Glimmer of Hope
While global demand softens, Asia is quietly emerging as a stabilizing force. Since February 2025, Liv-ex has observed a steady uptick in Asian purchases, particularly focused on Burgundy. In May alone, the value of purchases from Asia rose 10.1% over April, and 25.2% compared to May 2024. More notably, it marked a 33.7% increase over the average for the year so far.
This resurgence in activity included a record number of unique Burgundy buyers in Asia, the highest seen in more than two years. While interest in Bordeaux was less enthusiastic, exposure and availability remain sufficient, suggesting room for future growth.
A Shift in Market Dynamics?
Robbie Stevens, Head of Brokerage at Liv-ex, sees the Asian uptick as a positive signal, suggesting that the overstocking trend of the past five years may finally be winding down. However, he tempers optimism with caution. “Despite this increase in Asian demand, the market as a whole continues to struggle with high inventories, weak en primeur engagement, and ongoing trade uncertainty,” Stevens notes.
Prices continue to decline across most segments, erasing much of the gains made during the pandemic when fine wine was seen as a safe-haven asset. For investors and collectors, however, this correction could present a strategic buying opportunity—particularly for iconic wines now trading at more accessible levels.
Outlook: Stabilization or Further Slide?
The Liv-ex report closes with a cautiously optimistic note. Although challenges persist—ranging from consumption slowdowns to geopolitical tensions—the renewed interest from Asia could act as a counterbalance to broader market fragility.
Should this trend continue into the second half of the year, Asia may well be the key to restoring stability in a premium wine sector that has seen more volatility than vigor in recent months.
Source: Vinetur