Uh oh, if investment bankers can no longer afford champagne—always good for amusing models!—and we know rappers have had to cut back on their lifestyle, this doesn’t bode well for the industry. They better do some more ad campaigns in Russian, since those crazy oligarchs are the only ones with any cash!
From Cityfile: The retail price of champagne has increased much faster than inflation. To blame? The high global demand for bubbly in recent years and the finite number of grapes available from the specific region of France permitted to label its sparkling wine champagne. Now with the economic crisis, winemakers are worried about a likely disconnect between what consumers are willing to pay and the high price of grapes. The CEO of LVMH, which owns Veuve Cliquot, Dom Perignon, and Moët Chandon, must be losing sleep! Oh, except probably not as he’s the richest man in France.
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