The chief executive of Australia’s second-largest wine group, Accolade Wines, says drinkers in Europe and Britain are already changing their behaviour as cost-of-living increases bite, with restaurant sales the first to feel the pinch.

Robert Foye said Accolade, which has 70 wine brands including Hardys, Petaluma, Banrock Station, Grant Burge and Mud House, is in a strong position to withstand any extended economic downturn because the portfolio covers the full spectrum, from premium wines to value offerings.