Champagne differs from other sparkling wines in that it hails solely from the Champagne region of France and is subject to more complex production requirements than other bubbly beverages. This makes it a highly precious commodity, as is reflected in its high price relative to other sparkling wines.
Champagne sales tend to increase during economic boom times and contract during downward cycles. It can therefore be instructive — and certainly entertaining — to consider Champagne turnover as an indicator of public sentiment about the economic situation and outlook.
In general, people are more likely to treat themselves to a bottle of Champagne when times are good, as indeed they did during Iceland’s pre-crisis upswing. In 2007, the mother of all boom years, Iceland’s State-run alcoholic beverage stores sold a record 16,000 litres of Champagne — or 22,106 bottles, to be precise — not including restaurant sales or imports by individuals.