'Progrigio’ - the new budget Prosecco?
Prosecco has long been regarded the low-price equivalent of Champagne for those looking for bubbles on a budget.
But thanks to a bevy of pricing pressures set to sabotage low-end pricing structures, a major retailer has tried to plug the gap with an even lower-cost alternative.
Enter ‘Progrigio’, a new £5 white sparkler made from blending Prosecco grapes with Pinot Grigio.
The blend was created by Asda to ‘protect’ the nation’s love of sparkling ahead of predicted price hikes.
The release is timely following the WSTA’s announcement last week that fizz coming from the EU to the UK could rise by 9% (59p a bottle).
Ed Betts, Asda wine buying manager, said: ‘We want to protect the demand for sparkling wine by offering customers more choice, and by moving slightly away from the Prosecco region we have discovered a great example of quality fizz at an everyday price.’
The wine retails for £5, undercutting the supermarket’s Prosecco range which is priced between £6 and £11.
The UK currently accounts for more than three-quarters of all Prosecco sales in Europe, worth €600 million (IRI).
But a weaker pound, inflation and potential duty increases will place further pressure on the cheaper end of the market, where price increases are more noticeable.
The supermarkets are currently under pressure to satisfy the market’s thirst for sparkling, particularly Prosecco, which is one of the leading SKUs driving footfall.
This, coupled with forecasted price increases on the horizon, means that we may see more inventions such as Progrigio turning up on supermarket shelves.
Prosecco has so far managed to strike a fine balance with acceptable levels of price and quality.
But duty increases could create a race to the bottom, widening the gap between what are still seen as budget sparkling options and those at the high end, shared increasingly between Champagne and English sparkling wine.