Regardless of a number of months of financial uncertainty and rising inflation, the posh spirits market continues to be holding robust, based on a brand new report.
The Distilled Spirits Council of america (DISCUS) created the Luxurious Model Index to gauge the expansion of premium spirits priced at $50 or extra, based on an Oct. 19 press launch. The latest report compares year-over-year gross sales throughout six spirits classes.
The posh tequila class confirmed the best progress, at a charge of 43 %. American whiskey gross sales elevated by 30 % in comparison with 2021, whereas Scotch and Irish whiskey recorded progress at 13 and 7 %, respectively.
Cognac skilled a 9 % annual progress, a slower charge in comparison with final yr’s spectacular 48 % progress.
“We continued to see robust shopper demand for luxurious spirits manufacturers by means of the second quarter of 2022 regardless of the present financial surroundings,” DISCUS chief of public coverage Christine LoCasio states within the launch. “It seems macroeconomic headwinds slowed the astonishing progress charge of luxurious spirits gross sales of 2021 however weren’t robust sufficient to reverse the constructive premiumization pattern. Distilled spirits are reasonably priced luxuries that deliver spirits shoppers nice pleasure. Shoppers are keen to spend further for that particular spirit and select to drink higher, no more.”
The high-end spirits market, in complete, demonstrated a 23 % progress throughout classes — a slower charge than the 2020–2021 interval, which recorded a 50 % year-over-year progress. The report stays optimistic about the way forward for luxurious liquors.
General, whereas this yr’s financial issues may need fearful some distillers, it seems that American shoppers are nonetheless sipping premium spirits. We’ll elevate a glass to that!
This story is part of VP Professional, our free content material platform and publication for the drinks business, protecting wine, beer, and liquor — and past. Join VP Professional now!
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