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Here in the heart of France's Champagne region, the rising price of champagne is causing a sinking feeling about U.S. sales this month and next, when Americans traditionally make most of their purchases. With the declining dollar and gloomy economic feelings, champagne sales were already down more than 12 percent in the first half of this year, and officials say the remainder of the year looks equally grim.

Sales to Russia rose 158 percent and to China by 74 percent in the first six months of the year, according to CIVC data. The data prove that, economically speaking, when America sneezes, the rest of the globe no longer gets a cold.

If I sell a little less in the U.S., I sell a little more in India -- market share means nothing to me," said Pierre-Emmanuel Taittinger, 54, owner of Champagne Taittinger, a legendary house that has been making champagne since 1735. "We live in a global world."