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Brazilians prioritise saving over spending

Published:  29 April, 2020

Brazilian wine drinkers are prioritising saving over spending during the pandemic, but still value wine.

According to new research, nearly six in 10 wine drinkers in Brazil said they were going to focus on shoring up their personal finances after restrictions are eased, in a pattern that is likely to be seen across other markets post-lockdowns. 

However, 28% said they would be more likely to treat themselves to a “better quality wine” after the pandemic, with a similar proportion saying they would try new alcoholic beverages and new styles of food, according to the Wine Intelligence Brazil Wine Landscapes report released today.  

Yet, nearly 40% of respondents said they would be “less likely to do this”.

In a “stagnant economic environment”, wine had shown a “high degree of resiliency and ability to attract new consumers”, said Rodrigo Lanari, Wine Intelligence Brazil country manager.

“Despite the challenging moment, Brazil was promoted to a growth market thanks to the positive development of the category in the last years. It is remarkable that we have reached 38 million consumers drinking wine on a regular basis in Brazil.”

A clear majority of consumers (71%) said they would be less likely to take a vacation abroad, while a similar proportion (67%) said they would be less likely to host a big social event once the pandemic is over.

The news, which follows a report released in April stating the Brazilian wine market had recovered from its 2016 contraction, comes amid rising concerns among businesses around the world over the health of major economies over the coming 12-18 months. 

In addition to the Covid-19 loss of revenues and jobs in the hospitality and retail sectors, Brazilian wine drinkers have also been hit by a 30% devaluation of the national currency, the real, versus the US dollar in the past year, making imported wine more expensive for them to buy.

Available now, the full report includes insights pre, during and predicted post Covid-19 restrictions, including beverage repertoire, wine buying and consumption behaviours, brand health and lifestyle behaviour changes.