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NEW YORK, Jan. 29, 2013 (GLOBE NEWSWIRE) -- Legacy Wine & Spirits International Ltd. (Pink Sheets:LWSP), an importer and wholesaler of fine wines in China, reports that the Company expects wine sales to increase dramatically in the first quarter of 2013 due to the upcoming Chinese New Year of the Snake in February.
China's wine consumption still centers around entertaining and gift-giving occasions, with two major holidays – the Chinese New Year and the Mid-autumn Festival – accounting for about 60% of annual wine sales. Consumers are interested primarily in purchases that convey a suitable level of prestige, status and respect, all of which are important components of Chinese culture. The Chinese associate wine with health: it's one of many reasons why the wine business is booming. According to Wine Intelligence research, 56% of upper middle class imported wine drinkers said wine was good for them. Many believe it is beneficial for the skin, and promotes a good night's sleep. Also, consumers recognize that wine is less damaging to their health than the domestic spirits they once drank.
China is expected to become the second largest wine consumer by value by 2016, up from No. 3 today. By 2016 global wine consumption will reach 34.5 million bottles up 5.3% from 2012 and driven by a 40% jump in sales in China according to a study presented at Vinexpo.
About Legacy Wine and Spirits International Ltd:
Legacy Wine and Spirits International Ltd. (Legacy) is a publicly listed fully reporting company trading in the United States (Pink Sheets:LWSP). The Company is an importer and wholesaler of globally bottled imported wines to China.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical fact are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays in testing and evaluation of products and other risks detailed from time to time in Legacy's filings with the Securities & Exchange Commission.