American Importers Stockpile Italian Prosecco Amid Tariff Concerns
U.S. imports of Italian Prosecco, comprising approximately 90% of all Italian sparkling wine, surged by 41% in November following President Trump's election. This sharp increase surpasses consumer demand, indicating that importers are building inventory in anticipation of potential tariffs.
"Given the uncertainty over tariffs, it was prudent to increase shipments," said Lamberto Frescobaldi, president of the Union of Italian Wines. "While wine is a luxury, consumers may reduce consumption if prices escalate."
Although Italian wines were spared from tariffs during Trump's first term, importers are taking precautions to safeguard the market. Italy exports a significant portion of its wine to the U.S., rendering it vulnerable to potential tariffs.
In 2023, Italian wine exports to the U.S. reached €1.9 billion ($1.97 billion), with Prosecco emerging as the top-selling Italian wine, accounting for nearly 40% of sales.
Preemptive stockpiling began prior to Trump's election, with Prosecco shipments to the U.S. increasing 17% in the first 10 months of 2024. This contrasts with modest single-digit growth in the UK and Germany and outpaces U.S. consumption growth of just 0.6% during that period.
Giancarlo Guidolin, president of the Prosecco DOC consortium, attributed the surge to increased warehouse inventory. Additionally, concerns over a potential January port strike may have prompted importers to bolster their stockpiles.
Dina Opici, chairwoman of the Wine & Spirits Wholesalers of America, acknowledged the influence of potential tariffs and its impact on investment decisions.