#WeeklyWineWrap: SA wine industry could add 100,000+ jobs by 2025

Brexit holds ramifications for the UK fine wine market

The gist of it: The contentious EU referendum result could potentially have significant consequences for the fine wine market in the UK, effectively making it more expensive for Sterling buyers to purchase European wines. Several economic analysts predict that the UK faces a fresh economic recession, which could damage consumer confidence across the wine sector at a time when wine consumption in the country had begun to recover. The UK wine trade body, the Wine & Spirit Trade Association, supported a vote to remain. Liv-ex reported a burst of fine wine trading overnight as the Brexit votes were counted. This was predominantly from buyers based in Hong Kong and the US - markets that will stand to profit if the Sterling remains weak. Read more here.

Credit: Geoff Caddick / AFP / Getty Images

South African wine industry could add 100,000+ jobs by 2025

The gist of it: According to Michael Mokhoro, stakeholder relationship manager for South Africa’s wine and brandy industries, the South African wine industry has the potential to generate in excess of 100,000 job opportunities by 2025, following the signing this month of the Economic Partnerships Agreement between the European Union and the Southern African Customs Union countries. The landmark agreement will mean South Africa’s current duty-free quota of 48 million litres of wine that can be exported to the EU will more than double, to 110 million litres. Mokhoro said South Africa’s wine industry employs about 275,000 people and this number could swell to 375,000 by 2025. Read more here.

China's millennial wine connoisseurs are fundamentally transforming the Asian market

The gist of it: Between 2009 and 2013, Chinese wine consumption leapt by 69.3% to top 162 million cases a year, making it the world’s fifth-largest wine market. London-based market research consultancy Wine Intelligence noted in its 2015 China Portraits report that 'developing consumers' (younger buyers who purchase wine at mainstream prices at a high frequency) now account for 19% of China's wine market.

For this generation, drinking wine is not simply about building up a cellar of impressive vintages, but, more importantly, about the ability to examine the flavours, aromas and draw on the behind-the-scenes story of the glass in your hand. They are interested in wine education and readily sign up for appreciation courses.

“For some young working professionals, enrolling in a wine course is also an investment in their career and a way of mixing with people with money,” said Jo Purcell, the Hong Kong-based MD of Farr Vintners Asia, a leading fine-wine merchant in the region. This insight is set to change the way in which countries like South Africa market and position their wines in China. Read more here.

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Stellenrust '50' Chenin Blanc included in the SAWi Grand Wines Collection

The gist of it: 2016 Juliet Cullinan Standard Bank Wine Festival exhibitor Stellenrust recently received some well-deserved recognition when its barrel-fermented Chenin Blanc was included in the SAWi Grand Wines Collection. The South African Wine Index (SAWi) is a consumer-facing interest group that uses a multi-phase algorithm to help wine lovers identify consistent excellence based on a score that is determined by taking into account best results over multiple vintages, national and international accolades, proven record of quality as well as trophies and Top 10 listings.

The Grand Wine Collection (GWC) includes approximately 500 South African wines that have consistently achieved the highest acknowledgement from various wine judging panels and respected wine commentators all over the world, each of which boasts a minimum of 93 SAWi index points. Read more here.

This week’s Weekly Wine Wrap-Up was brought to you by Juliet Cullinan Wines. The 26th annual Juliet Cullinan Standard Bank Wine Festival will be hosted on 12 and 13 July 2016 at Summer Place, Hyde Park. Tickets are available at Webtickets.

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