European wine producers seek new markets as China sales dream sours

Chinese-French wine merchant Arsen Zhao says business remains strong in Paris, but he is welcoming far fewer customers from Asia than before. “We’ve seen a much sharper drop in customers from China,” Zhao said. “Consumers are trading down, while large volumes of European wine imported previously have yet to be sold, leaving inventories high and weighing on new orders.” As demand has weakened and unsold inventory has piled up, prices have come under pressure. “Some high-end French wines are now..