Champagne sales dip for the second year in a row

TheStreet’s Conway Mittens brings you the biggest news of the day, including what investors are watching and why champagne sales have fallen flat.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on

00:03the street today. Stocks gained ground throughout Tuesday's session with the S&P 500 now less than

00:10a full percent away from setting its first record high of 2025. The outlook for interest rates and

00:16the fourth quarter reporting season are providing support. D.R. Horton, the nation's largest publicly

00:21traded home builder, easily beat quarterly forecasts as it focused on building and selling

00:26more affordable homes. On Wednesday's calendar, investors will hear from a diverse group

00:31including Halliburton, Johnson & Johnson, Procter & Gamble, and Las Vegas Sands.

00:37In other business headlines, military conflicts in several parts of the world,

00:41global political uncertainty and dissatisfaction, and inflation's stubborn will not to go back down

00:48are all taking a toll on the world's party vibe. With that in mind,

00:53champagne sales were down in 2024 for a second year in a row. The number of bottles of champagne

00:59shipped outside of France dropped nearly 10% for all of 2024 compared to the year before.

01:06Meanwhile, bottles shipped inside France dropped 7% as well according to Comité Champagne,

01:12a trade group representing the bubbly that's only produced in the Champagne region of France.

01:18In a statement announcing the drop, Maxime Toubar, head of the trade group said quote,

01:22Champagne is a true barometer of consumer mood and this is no time for celebration.

01:29Now to be clear, it's not just sales of the expensive stuff that's gone flat.

01:33Alcohol sales are down across the board with the exception of ready-made pre-mixed drinks.

01:40That'll do it for your daily briefing from the New York Stock Exchange.

01:43I'm Conway Gittins with The Street.

01:48you