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Competition and Benefits – The Hungarian Results of the Decanter World Wine Awards and their Correlation with Wine Prices
53-60Views:30This study examines the relationship between Hungarian wine prices and the results of the 2023 Decanter World Wine Awards (DWWA). The study analyses the relationship between the DWWA and the prices of medal-winning Hungarian wines and the impact on the Hungarian wine sector. An analysis of the correlation between the Decanter World Wine Awards and Hungarian wines shows the price-shaping effect of wine competitions on the Hungarian and international wine market. By taking advantage of the recognition and credibility provided by the DWWA, Hungarian winemakers have the opportunity to position their wines in higher market segments, serving discerning consumers seeking premium and award-winning wines. Three regions seem to be best suited for this: Tokaj, Eger and South Pannonia (Villany and Szekszard). The winning wines will contribute to the economic viability and sustainability of the Hungarian wine industry, providing access to new sales channels, international recognition and promoting the unique and diverse Hungarian terroir. The medals achieved in this prestigious competition will facilitate market entry in competitive markets and foster cooperation with distributors and importers seeking quality-driven wine portfolios. Continued investment in quality development, sustainability practices and market diversification will be essential for Hungarian winemakers to capitalise on the success of the competition for long-term growth. In the future, the authors aim to conduct a study of the results of several years of competition, incorporating new perspectives.
JEL Codes: E2, E3, F1, M2, M3