Champagne sales are losing their sparkle, and it’s not just because the bubbles are flat. Last year, shipments of the iconic French bubbly dropped by almost 10%, hitting 271 million bottles. This marks the second year in a row of declining sales, as people around the world seem less eager to pop open a bottle and toast to good times. Experts point to a mix of factors behind the slump. Rising prices, global conflicts, and economic uncertainty have left many feeling less festive. Even in France, where Champagne is practically a national treasure, sales dipped by 7% to 118 million bottles. The country’s recent political turmoil, including a snap election that left no clear winner, hasn’t helped lift spirits either. The trend isn’t unique to Champagne. Sales of other alcoholic drinks are also down, as consumers tighten their belts. Luxury giant LVMH, which owns top Champagne brands like Dom Pérignon and Veuve Clicquot, saw a 15% drop in bubbly sales in the first half of the year. The company’s CFO noted that Champagne is often tied to celebrations and happy moments—something that feels in short supply these days. Despite the challenges, the Champagne industry remains optimistic. Industry leaders emphasize that the sector has weathered tough times before and is built to last. Some producers are even adapting to changing tastes by investing in non-alcoholic sparkling wines, like LVMH’s recent foray into the category with French Bloom. But it’s not just consumer habits causing headaches for Champagne makers. Extreme weather, from heatwaves to early frosts, has made grape-growing more unpredictable. In 2021, winegrowers faced their smallest harvest since 1957. To combat this, many Champagne houses are embracing eco-friendly practices, hoping to appeal to environmentally conscious buyers. For now, though, it seems the world’s love affair with Champagne is on pause. As one industry insider put it, “Maybe the current global situation doesn’t lead people to cheer up and open bottles of Champagne.” Here’s hoping for brighter days—and more reasons to celebrate—ahead.