Retailer: Economy doesn't stop wine

LONDON, Jan. 10 (UPI) -- The chief executive of one of Britain's largest wine retailers said the economy did not stop Britons from splurging on high quality wines during the holidays.

Steve Lewis, the chief executive of Majestic Wine, said the amount of wine sold over the Christmas season was less than in 2010, but the customers who purchased wine bought more expensive bottles than in previous years, The Daily Telegraph reported Tuesday.

"Budgets are constrained and people are being more careful about what they spend, however they are not trading down. People are buying less wine in volume terms but they are buying better wine," Lewis said.

Lewis said the average amount spent on a bottle of wine during the holidays was $11.04, up from $10.33 the previous year.