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Marketing an Australian Wine to Hong Kong Wine Market - Essay Example
Pages 8 (2008 words)
Introduction Hong Kong wine market is one of the most sophisticated in Asia, according to a research on global wine and spirits consumption, production and international trade by International Wine and Spirits Record (The IWSR). It has positioned itself as the Asian hub for the trading and distribution of wine (Franz, 2008)…
The growth in Hong Kong wine market is attributed to the abolishing of the duty on wine by the Hong Kong government. About 40% of the US$ 1.3bn worth of wine traded annually in London is bought by consumers in Hong Kong and China (Franz, 2008). Similarly, according to Parker (2010) a glass of wine raised by a Hong Kong resident is likely to have come from the Australian vineyard. The Australian wine industry considers Hong Kong as a major market. Because of the abolition of duties and taxes on wine in Hong Kong, exports from Australia to Hong Kong has increased manifold. Australia is an important source for high quality beverages including wine for Hong Kong’s restaurants. Hong Kong’s strategy to become the hub for wine trading in the Asian region presents opportunities for the Australian wine producers and for providers of wine-related services, like storage and auctioning (Dfat, 2010). Hong Kong enjoys locational advantage as far as wine auctions in the region are concerned. The total wine auction sales in the region reached $160 million and now along with the United States, Hong Kong has become one of the two most important centers for wine auction (Hong Kong Digest, 2011). This is the reason that Australian wine makers, Brown Brothers, are eyeing Hong Kong to market its products. ...
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