In the years since the COVID-19 pandemic, the global wine industry has entered a state of flux: overall consumption continues to decline, but enthusiastic vinos are purchasing more expensive bottles – a shift which high-end restaurants across the world seem eager to accommodate.
“Post-pandemic, fine wine consumption is focused on quality over quantity, with younger, knowledgeable consumers seeking heritage, authenticity and memorable dining experiences,” said Caroline Meesemaecker, owner and CEO of Wine Services, in the Douglas Elliman Knight Frank Wealth Report.
In 2024, wine consumption fell 12% below the industry’s peak in 2007, while global production continues to decline, according to the Wealth Report.
Both foreign and domestic vineyards are bracing themselves for the impact of President Donald Trump’s policies. Internationally, there is concern that tariffs will cause a decline in sales, while within the United States farmers worry about the impact of losing much of their labor force due to anti-immigration policies.
At the same time, however, experts say that demand for the highest quality wine persists – especially in restaurants across the world’s major cities. As high-end restaurants and hotels open up in major cities, the upper echelons of wines are seeing improved sales – even in the face of reduced consumption.
“Restaurants are seeing stable volumes but higher spend per bottle, ushering in a new era of selectivity and luxury,” said Meesemaecker. “The $1,000+ segment is surging with demand from collectors and investors for labels such as La Tâche, Pétrus, Domaine de la Romanée-Conti and Harlan Estate.”
“This polarisation signals a market where affordable luxury and ultra-rare investments are shaping the future, while mid-tier spending remains stagnant,” she continued.
Continue reading to learn more about the top cities for fine wine lovers, based on the Douglas Elliman Knight Frank Wealth Report.
Paris is the fifth best city in the world for wine lovers. Across 414 fine restaurants, guests can choose from an average of 177 bottles of wine. The average cost for a bottle of wine is $551.
Hong Kong is the fourth best city in the world for wine lovers. Across 296 fine restaurants, guests can choose from an average of 271 bottles of wine. The average cost for a bottle of wine is $547.
Singapore is the third best city in the world for wine lovers. Across 293 fine restaurants, guests can choose from an average of 297 bottles of wine. The average cost for a bottle of wine is $627.
London is the second best city in the world for wine lovers. Across 519 fine restaurants, guests can choose from an average of 428 bottles of wine. The average cost for a bottle of wine is $741.
New York is the best city in the world for wine lovers. Across 480 fine restaurants, guests can choose from an average of 506 bottles of wine. The average cost for a bottle of wine is $747.
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