中国反腐影响洋酒销售

Pernod Ricard, the second biggest distiller, is set to report an annual fall in Scotch sales in China after years of growth, suggesting Chinese frugality is undermining one of the UK’s export successes, writes Louise Lucas.

在连续数年取得增长后，全球第二大酿酒厂保乐力加(Pernod Ricard)的苏格兰威士忌在华年销售额将首次出现下跌。这似乎表明中国人的节俭正在削弱英国的出口成功之一。

Spirits makers have been touting growth in China in particular and Asia in general as western European sales stutter.

在西欧销售额遇挫之际，烈酒生产商近年吹嘘在亚洲（尤其是中国）取得增长。

Pernod Ricard, the Paris-headquartered maker of Chivas Regal, is holding a conference in Beijing in May. China contributes 14 per cent of sales and a far bigger slice of profits.

总部位于巴黎的芝华士(Chivas Regal)生产商保乐力加将于5月份在北京举行会议。中国占保乐力加全球销售额的14%，占全球利润的比例则更高。

Yet distillers’ pricey spirits are falling foul of Beijing’s austerity campaign as officials obey orders to cut conspicuous consumption. It is denting sales at high-end restaurants and luxury goods makers and hurting gifting, which makes up 10-15 per cent of Scotch and Cognac sales in China.

但随着中国政府发起节俭行动，官员奉命减少炫耀性消费，使得酿酒厂的昂贵烈酒受到影响。这一行动不仅抑制了高档餐馆和奢侈品厂商的销售额，还打击了送礼行为——送礼占中国苏格兰威士忌和干邑(Cognac)销售额的10%至15%。

Last week Pernod Ricard said volume sales in China were flat over the Chinese New Year period, when it sold more Cognac but saw Scotch sales fall by double digits in percentage terms year on year.

保乐力加上周表示，其在华销售量在中国春节期间表现与去年持平。干邑销售量同比上升，但苏格兰威士忌销售量出现两位数跌幅。

The company said the weak performance during this vital period meant a decline was likely for its current financial year, which runs until the end of June.

公司称，这一关键时期的疲软表现意味着，它在当前财年（截至今年6月底）的业绩可能出现下滑。

“China’s anti-corruption campaign is having an impact and will continue to have an impact for some time,” said Jamie Isenwater, analyst at Deutsche Bank. “These risks are significantly underestimated by the market.”

“中国的反腐行动正在发挥影响，并且还将在相当时期内继续发挥影响，”德意志银行(Deutsche Bank)分析师杰米??伊森沃特(Jamie Isenwater)表示，“市场大大低估了这些风险。”

Sales at high-end restaurants dropped 35 per cent in Beijing and 20 per cent in Shanghai during the peak banqueting season, according to the Xinhua news agency.

新华社报道称，在宴请高峰季节，北京和上海高档餐馆的销售额分别下降35%和20%。

While international spirits account for only 1-2 per cent of China sales, the high price tags and galloping growth mean they contribute disproportionately to manufacturers’ profits.

尽管洋酒仅占中国酒水销售额的1%至2%，但不菲的价格和迅速的增长意味着它们对生产商的利润具有超高的贡献。

Diageo’s Scotch business in China is growing rapidly, though analysts reckon it is yet to turn profitable.

帝亚吉欧(Diageo)在中国的苏格兰威士忌业务正在迅速增长，不过分析师估计这一部门尚未实现盈利。

The Johnnie Walker maker is investing ??1bn over five years to ramp up manufacturing capacity in Scotland, largely to service emerging markets.

作为尊尼获加(Johnnie Walker)的生产商，帝亚吉欧将在五年内斥资10亿英镑提高在苏格兰的产能，目的主要是服务于新兴市场。