According to this article from ABCNews Australian & American wine consumption is holding up well but French and Italian Wine consumption is down as a result of the sad state of the economy …

Shun that bottle and save your euros: That’s what French and Italians are saying as the recession cuts into wine consumption in traditional lands of the vine.

An industry group says the crisis hasn’t choked off everyone’s thirst, however. New World drinkers are still sipping steadily and Brazilians “are really starting to believe in the vine.”

After years of non-stop growth, global wine consumption started to retreat last year, along with the rest of the world economy, The International Organization of Vine and Wine said Tuesday.

The overall drop isn’t too dramatic: The group says its initial estimates for 2008 show consumption down 0.8 percent, at 243 million hectoliters (6.4 billion gallons) compared to 2007’s 245 million hectoliters.

But the latest figures on wine making and drinking around the world reveal a few key shifts.

For the first time, the United States surpassed Italy in terms of total wine consumption, with 27.3 million hectoliters compared to 26 million for Italy, the group said.