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Legacy's wine is optimistic about entering the Shanghai wine market
money.cnn.com by 2009-12-23   

Legacy Wine and Spirits International Ltd. (OTCBB: LWSP) reports that the Company will be sponsoring a food pairing event in Shanghai on December 11th to be attended by approximately 400 individuals from China's Restaurants and Hotel Industry. The event is designed to promote seafood and Legacy was chosen as the only wine company to be represented at the event, which will provide an excellent opportunity to broaden the base of acceptance for Legacy's wine selections.

Legacy's wine hostesses will be present handling sales and individual questions regarding the Company's wine selection. The Company is optimistic about entering the Shanghai wine market as Shanghai is the most prosperous and highest income city on China's eastern coast. Population income growth as a result of economic growth will be the basis for high wine consumption growth in the future.

Shanghai's wine consumption level is very high, with per capita consumption of 2.5L back in 2001. In 2006, per capita GDP in Shanghai reached US$7,000, while per capita GDP nationally was only US$1,700. This income differential is the main reason for increased wine consumption in China and rapid economic growth and population income improvement in the future should ensure the long term prosperity of the wine industry in China.

China is the world's fastest growing wine consumption market. Consumption levels in the world's traditional wine consumer countries have remained flat in the last 10 years, with China being the exception. China's wine sales continue to increase, leading to a stampede from global wine producers.

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