In a strategic move driven by looming economic policies, American importers are increasingly stockpiling Italian Prosecco. This action comes as a precaution against potential tariffs that could be imposed by President Donald Trump, potentially shaking up the wine industry. Recent data from the Union of Italian Wines reveals a significant uptick in U.S. imports of Italian sparkling wine, with a striking 41% increase in November following Trump's election. This surge has overshadowed current consumer demand as importers aim to secure ample supply for future sales.
Lamberto Frescobaldi, president of the trade association overseeing Italian wines, explained, Given the uncertainty about tariffs, it was only natural to bolster shipments at the end of the year. If tariffs do impact Italian wines, the expectation is that consumers might reduce luxury spending, making wines less affordable.
As Italian wines were not subjected to tariffs during the previous Trump administration, the current climate remains devoid of any announced tariffs against European partners. Yet, Prosecco importers are not taking any chances. The U.S. represents a significant market for Italian wine, absorbing nearly a quarter of Italy's wine exports. In 2023, Italian wine exports to the U.S. reached a value of 1.9 billion euros ($1.97 billion), highlighting the sector's vulnerability to trade fluctuations.
Prosecco, in particular, has managed to capture the American market's attention. Last year, it became the top-selling Italian wine in the United States, accounting for almost 40% of total sales. Even before Trump's election win, Prosecco shipments to the U.S. experienced a 17% rise in the first ten months of 2024, a stark contrast to the modest growth seen in other markets like Britain and Germany, where increases remained in the single digits. American consumption, however, has seen only a modest 0.6% rise in that same period.
According to Giancarlo Guidolin, president of the Prosecco DOC consortium, The rise in shipments has been surprising. We suspect a lot of products are being warehoused. Another factor contributing to the high volume of deliveries could be the anticipated port strike in January, as pointed out by Dina Opici, Chairwoman of the Wine & Spirits Wholesalers of America. The prospect of tariffs further motivated these investments, Opici added.
While the immediate threat of tariffs may be distant, the proactive measures by importers signal a keen awareness of economic trends and the potential impacts of international trade policies. As Prosecco continues to enchant the U.S. market with its effervescent charm, the wine industry remains watchful, prepared for any shifts that these international tensions might bring.
