SA's wine industry experiencing hangover due to slowdown in sales
Global wine consumption has been declining, with a 3.3% decrease in 2024.
Stephen Grootes speaks to Michael Fridjhon, founder of Winewizard.co.za.
Listen to the interview in the audio player below.
South Africa's wine industry may just be another casualty of how you're feeling about the country's economy.
A lack of confidence in the economy it seems, is leading to a slowdown in wine sales.
South Africa's wine exports increased in value by 4% to US$562 million. However locally, sales are not on par with exports.
That might be in line with international trends, where global wine consumption has been declining, with a 3.3% decrease in 2024 to 214 million hectolitres.
The local industry also faces many challenges like declining consumer confidence and global economic pressures that impact consumer spend.
Speaking to Stephen Grootes on The Money Show, Michael Fridjhon, founder of Winewizard.co.za says with less money in consumers' pockets, it's no surprise that wine sales are down.
"There's a stodginess, and that stodginess is a reflection I'm afraid of our economy. I don't think it is all doom and gloom."
- Michael Fridjhon, founder - Winewizard.co.za
"The African continent as a whole, is a new frontier. And the wine industries of the world have advance from the '80s through until today by getting a new generation interested and involved with wine..."
- Michael Fridjhon, founder - Winewizard.co.za
"Wine sales in Africa are generally more buoyant, and are not compromised in the same way they are amongst the more mature market, and as they are amongst consumers such as Gen Z."
- Michael Fridjhon, founder - Winewizard.co.za
"Everyone says when the economy's down, people drink more. If only that were true. They don't. If you don't have the money to spend, you're certainly not necessarily going to take it out in wine."
- Michael Fridjhon, founder - Winewizard.co.za
Scroll to the top of the article to listen to the full interview.