Harpers Wine & Spirit Trade News

Spirits downturn: Drinks giants navigate a confluence of challenges

Published: 09 April, 2026

If you’re becoming tired of negative headlines around the drinks sector, look away now. The latest financial results from Diageo, Pernod Ricard and Treasury Wine Estates offer a sobering snapshot of the global market. Citing macroeconomic uncertainty – alongside the impact of tariffs – in the US and China, Pernod Ricard reported a 5.9% decline in organic sales to €5.25bn in the first half of its financial year. Likewise, recent results from Diageo and interim figures from TWE suggest that a convergence of forces – structural, geopolitical and operational – are placing significant strain on the premiumisation model that delivered record growth at the beginning of the 21st century.

California in crisis: Overproduction, market slump and tariff trouble

Published: 08 April, 2026

The faint smell of smoke in the air is all too familiar to those living in California’s wine regions, but lately the source will have been a vine pull rather than a wildfire, as producers grapple with a crisis being described as a reset. As the world’s fourth largest wine producer – after Italy, France and Spain – the Golden State accounts for more than 80% of US wine output and 95% of exports, with vines covering almost 250,000ha. The California Wine Institute estimates the industry generates $73bn (£55bn), employing 422,000 people.

Italy: Fears overproduction could lead to wine price collapse

Published: 07 July, 2025

Lamberto Frescobaldi, President of Unione Italiana Vini (UIV), Italy’s leading wine trade body, has warned urgent action must be taken to protect the industry. The calls come amid fears of overproduction as the nation continues to expand its land area under vine.