The Effect of COVID-19 on the Spanish Wine Industry

Marco‐Lajara, Bartolomé; Seva‐Larrosa, Pedro; Ruiz‐Fernández, Lorena; Martínez‐Falcó, Javier

doi:10.4018/978-1-7998-8314-2.ch012

Cited by 34 publications

(9 citation statements)

References 46 publications

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“…One of the first conclusions to be drawn from the study is the major impact of COVID-19 on the wine tourism industry, given that both supply and demand data show a sharp decline. COVID-19 has severely affected the Spanish wine industry, since, although there has been an increase in wine consumption in households, wine consumption through the Horeca channel, direct sales in wineries and wine tourism activity has been severely affected by the coronavirus (Marco-Lajara et al, 2021). Thus, as a consequence of the mobility limitations imposed during the COVID-19 pandemic, in 2020 there was a decrease in the total number of institutions adhering to the wine routes of 2.58%, a decrease in the total number of visitors to Investigaciones Turísticas N° 25, enero-junio 2023, pp.…”

Section: Discussionmentioning

confidence: 99%

Wine tourism in Spain: The economic impact derived from visits to wineries and museums on wine routes

et al. 2023

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Wine and tourism represent a perfect symbiosis, as they offer a different experience to tourists and also promote the economic, social, and environmental development of wine regions. In Spain, wine tourism is an increasingly important research field and several studies have been conducted on the role of wine routes in boosting the competitiveness of a territory, increasing wine production, improving the quality of life of citizens, and respecting the environment. However, to the best of our knowledge, the economic impact generated by these routes in Spain has not been addressed in the academic literature. To overcome this research gap, this paper aims to analyze the supply and demand of tourism activities by examining the evolution of the institutions involved in the Spanish wine routes, on the one hand, and the economic impact of these routes, on the other. The results show a sharp drop in the supply of institutions and the demand for tourist routes in 2020 as a result of COVID-19, with a decrease of 2.58% in the total number of institutions adhered to the wine routes, a decrease of 73.53% in the total number of visitors to the different Wine Routes of Spain and a decrease of 74.7% in the economic impact compared to the previous year. Likewise, the research shows the existence of differences between the Wine Routes of Spain in terms of the number of visitors and their economic impact, which could serve as a guide for managers to make investments through acquisitions and/or their own investments in wineries located on the routes with the greatest economic impact..

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Section: Discussionmentioning

confidence: 99%

Wine tourism in Spain: The economic impact derived from visits to wineries and museums on wine routes

et al. 2023

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“…This is all the more important in view of the strategic shift in the Spanish wine sector, focusing efforts from quantity to wine quality and respect for the environment (López-Bayón et al ., 2020). Thirdly, this sector enjoys an important growth context as a consequence of the increase in wine consumption in Spanish households after COVID-19, which compensated for the decrease in wine sales in the Horeca channel, as well as the current period of economic expansion in the country (Marco-Lajara et al ., 2021).…”

Section: Methodsmentioning

confidence: 99%

Do organizational commitment and consumer satisfaction mediate the relationship corporate social responsibility-sustainable performance? Assessing happiness management in Spanish wineries

Martínez‐Falcó

Sánchez‐García

Marco‐Lajara

et al. 2023

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PurposeThe research aims to analyze the effect of corporate social responsibility (CSR) on sustainable performance (SP), as well as the mediating effect of organizational commitment (OC) and consumer satisfaction (CS) on this link. In addition, the variables age, size and membership of a Protected Designation of Origin (PDO) are included as control variables to increase the precision of the cause–effect relationships under study.Design/methodology/approachA theoretical model is formulated to achieve the proposed research objectives, which is then tested by structural equation modeling (PLS-SEM) on the basis of primary data obtained from a survey of 196 Spanish wineries between September 2022 and January 2023.FindingsThe findings of the research show that CSR has a positive and significant effect on the SP of wineries, demonstrating also the mediating effect of OC and CS in this link.Originality/valueThere are several reasons that justify the originality of this study. First, the present research advances the knowledge and understanding of the meaning of the CSR–SP relationship of wineries. Secondly, to our knowledge, there are no previous studies that have analyzed OC and CS as measurement variables in the CSR–SP link in the wine context, so the study provides new scientific knowledge. Thirdly, to the best of our knowledge, the proposed theoretical model has not been previously tested, so the study advances the academic literature and management decisions on CSR and sustainability.

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“…The subsidies firms receive represent a valuable resource to face different challenges that companies face throughout their life span (DeYoung, 2020;Duarte-Alonso, 2015;Duarte-Alonso and Bressan, 2015). Specifically, in the Spanish case, the wine sector accessed subsidies for COVID-19 from the government, as detailed by Marco-Lajara et al (2021). More generally, Zahedi et al (2021) report government support for determinant factors of financial resilience.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Regarding H5, related to exports, it must be borne in mind that all wineries in Spain exported less after the COVID-19 outbreak (Lu, 2020;Marco-Lajara et al, 2021;Minondo, 2021). Exporting companies were less prepared because of a higher initial indebtedness and IJWBR 35,2 a higher initial current asset share likely resulting from unsold stock.…”

Section: Financial Resiliencementioning

confidence: 99%

“…The Spanish wine sector was especially affected by COVID-19 during the 2019–2020 period, and there were notable changes at the economic and social levels, directly related to sales, exports, innovation and employment (Marco-Lajara et al , 2021). The significant impact of COVID-19 on the wine sector in 2020 led to a 14% drop in sales worldwide (Lu, 2020; Wittwer and Anderson, 2021), the loss of traditional distribution channels (Coyne, 2020) and the indirect impact on other sectors of activity related to the wine sector (DeYoung, 2020; Almeida et al , 2022).…”

Section: Introductionmentioning

confidence: 99%

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Financial resilience of Spanish wineries during the COVID-19 lockdown

Serrat

Àngels²,

Coenders³

2023

IJWBR

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Purpose This study aims to focus on the impact of COVID-19 on the Spanish wine sector and the financial resilience of Spanish wineries in the period 2019–2020. Design/methodology/approach The data set contains 355 limited companies of the Spanish wine sector which were active in the period 2019–2020. The explanatory variables used are size and age of the company, exports, subsidies and gender distribution in the workforce. The financial statements of the companies are treated as compositional data, using log-ratios for asset structure, leverage, margin, turnover and debt maturity. The first-difference estimator is used for the panel-data model relating the differences in the log-ratios between 2020 and 2019 to the explanatory variables. Findings In average terms, margin and turnover have significantly worsened between 2019 and 2020, while debt maturity has increased. A larger firm size, a greater age, a higher share of women in the workforce and subsidies have made wineries more resilient between 2019 and 2020. Originality/value To the best of the authors’ knowledge, this is the first financial statement analysis of the impact of COVID-19 in the winery sector.

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The Effect of COVID-19 on the Spanish Wine Industry

Cited by 34 publications

References 46 publications

Wine tourism in Spain: The economic impact derived from visits to wineries and museums on wine routes

Wine tourism in Spain: The economic impact derived from visits to wineries and museums on wine routes

Do organizational commitment and consumer satisfaction mediate the relationship corporate social responsibility-sustainable performance? Assessing happiness management in Spanish wineries

Financial resilience of Spanish wineries during the COVID-19 lockdown

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