(CNN) -- China's thirst for fine wines is buoying European producers as domestic consumption dries up. As the eurozone debt crisis squeezes household spending, Europeans have less to splurge on life's little pleasures, and wine producers have felt the pinch. Exporters are now looking to new markets like China -- home to 1.3 billion people -- to boost sales. Richard Halstead, co-founder of Wine Intelligence, a consultancy on wine branding, says that China is a huge growth market for producers and there is a scramble for quality European brands. "China represents effectively the biggest growth prospect that the wine industry has had probably for a generation," said Halstead.
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European exporters looking to new markets like China to boost sales
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EU Exports to outside EU rose 12.7% in 2011, with China seeing the biggest increase
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Some believe economic crisis could boost growth in wine sector
Halstead says the @placeholder crisis might even provide a boost in exports for wine producers as they seek new markets.