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REFLECTION

Horeca on the knees. And with the restaurants, in crisis also many Italian wineries

With the enterprises closed in Italy, but also in the U.S. and beyond, marked closed for many realities that have relied on high quality wine
CORONAVIRUS, crisis, HORECA, WINE, WINERIES, News
Horeca on the knees. And with the restaurants, in crisis also many Italian wineries

Consumption outside the home, what happens in restaurants, bars, hotels, wine bars and so on, moves half of the bottles of wine sold in Italy, in volume, according to the latest study by Mediobanca. With a share in the value that far exceeds 50% of the wine turnover of the Belpaese, if we consider that, precisely in this channel, with a thousand nuances, travels most of the wine with the greatest added value. A channel that for many realities, especially small ones, which have focused everything on high quality, is the only way for the market. Few coordinates able to summarize how much the almost total closure of catering activities (with Fipe/Confcommercio already complaining about losses of 12 billion euros, and an estimated 28 billion euros at the end of the year), is also putting many Italian wine realities in crisis. Considering that the stop of the catering industry is very heavy also in other fundamental outlet markets, with the United States in the lead. Enormous damage for Italian wineries. And for this reason, it is desirable that always looking first and foremost at the protection of public health, clear and precise measures arrive as soon as possible on what will be the reopening of the catering industry. Because the losses for wineries from the stop of consumption outside the home can not be compensated, if not minimally, as already pointed out several times, that the double-digit growth in sales in large-scale distribution, which we have witnessed with data from Iri, or that of e-commerce, which starts from very low absolute values.
On the other hand, the crisis affecting the Italian wine sector is the same as the crisis affecting the wine sector throughout the world. It is generated by the temporary closure and the uncertain restart of the Ho.Re.Ca, but also of other meeting places where conviviality feeds the consumption of wines and sparkling wines; the strong slowdown of the tourist industry, the restrictions on freedom of movement in general, which will last until the discovery, production and distribution of the vaccine will have ensured zero risks (not before 12 months, according to the most accredited sources). It follows that in the presence of the serious crisis that has begun, the wineries of Italy and the world, in 2020, will suffer variable drops in turnover, estimated by several parties between -30 and -70% (higher for small-medium cellars, but not even those of large volumes will celebrate).
In the Italian market, in particular, cash liquidity will be threatened by the abuse of late payments, insolvencies, and pressure in this regard is already coming, some report, from some importers. The dramatic increase of stocks, of course, is destined to upset the international wine market, and also, for this reason, there is an urgent need for measures to rebalance the market. It is even better if the European Union will be the first to apply them, and in a fair way, rather than the single-member countries. Which, in any case, at least in Italy, already have on the table several proposals of Consortiums and trade associations.

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