Ganbei, which literally means "dry cup," is a favourite Chinese toast. Recently, the country’s restaurateurs and bar owners have been raising their glasses to cognac.
According to The Bureau National Interprofessionnel du Cognac (BNIC), a total of 223.2 million bottles of Cognac were sold globally in 2021. An increase of 16%.
But, as The Drinks Business points out, “sales in China, the spirit’s second largest market, leapt by an extraordinary 56%...compared with a more modest growth of 8% in Europe.”
Cognac is seen as a high-level status symbol in big Chinese cities like Shanghai, usually drunk out of home, and gifted at Chinese New Year. It’s become a go-to spirit for the country’s urban cognoscenti.
Market analysts IWSR, report “in the long-term, demand for Cognac in China is expected to continue to outpace supply.” With volumes expected to increase annually by around 9% from 2020 to 2024.
Ganbei, then. Dry cups. Millions of them. Shanghai’s dynamic drinks sector continues to toast that.
Extract from Human Capital – Drayton’s business magazine