Prosecco takes fizz out of European champagne sales

December 31, 2012 1:18:21 PM PST
A new kind of bubbly is turning into a popular choice to toast the New Year.

Prosecco, a sparkling Italian wine, is taking the fizz out of champagne in Europe. One top merchant in the UK predicts the same thing will happen in the United States.

The best-selling prosecco is priced at about $16 a bottle, half the cost of a bottle of champagne.

Champagne sales in the u-k have fallen 9 percent this year.

Sparkling wine sales -- including prosecco -- are up 6 percent.