Britain hits ‘peak prosecco’ as tipple loses its fizz

BRITAIN has reached “peak prosecco” because it is no longer seen as a luxury, figures suggest.

Sales of the Italian fizz have boomed in recent years as it successfully overtook champagne as a toast at weddings, birthdays and other special occasions. But now, for the first time, prosecco’s seemingly unstoppable climb is slowing, according to UHY Hacker Young, the accountancy group.

Last year resulted in the smallest sales rise since 2011, amid the rising cost of imports from Italy and France because of sterling’s weakness, according to the report.

Some 35.8 million gallons of sparkling wine were sold over the past year, an increase of 5 per cent on the previous 12 months.

UHY Hacker Young suggested that prosecco may be suffering from brand overexposure through overstocking at supermarkets.

James Simmonds, its spokesman, said: “A 5 per cent increase in sales is not at all bad but that comes after several years of double-digit growth. Unless the industry can revitalise its image this year, we may now be reaching ‘peak prosecco’.

“It is hard for a luxury product to make the leap into the mass market without losing its reputation for exclusivity. A lot of English wine producers are now vying to capture the space left, as prosecco moves to the mainstream.”

Meanwhile the English wine market is booming and gearing up to give prosecco and champagne a run for their money in the global market.

Partly fuelled by business experts looking for a change of scenery, a record 64 new wine producers and vineyards launched their businesses last year, a 73 per cent increase compared to 2015. Wine producers in England are expected to plant more than a million vines over the next 12 months.