Global demand for luxury food items plummets

With many restaurants shuttered, global demand for luxury food items, such as caviar, wagyu beef and bluefin tuna, has plummeted, according to Reuters.

As lockdown continues, the luxury food industry may be one of the worst hit as it depends heavily on restaurants and hotels for demand for premium food items.

Jean-Marie Barillere, co-chairman of champagne producers’ lobby CIVC in France, said he hoped people would celebrate the easing of lockdown with a bottle of champagne, but expected a difficult end to the year.

“This is really a period that looks like a war time,” he told Reuters.

People are also less likely to consume these kinds of products at home, particularly during a health crisis or if they have been financially impacted.

“People will not want to taste a Chateau Petrus wine, a lobster or caviar under a bell jar,” said Michel Berthommier, managing director of Caviar Perlita in southwestern France.

“If you force people to eat in these conditions they will prefer going to fast foods.”

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