Premium alcohol range on the rise despite global cost of living crisis, says Euromonitor International expert
Premium alcohol brands have continued to grow and sell in the face of the global cost of living crisis, reveals a Euromonitor International expert. Spiros Malandrakis, Head of Alcoholic Drinks at leading market research firm Euromonitor International, said that from champagne to ultra-premium English gin and from Tequila to prestige Dark Rum all the way to non-alcoholic spirits and aperitivo-embracing bitters, premiumization remains firmly in the spotlight. “This is premiumisation against all the odds. Aspirational momentum is overcoming the cost of living crisis. In fact, iconic segments that are now intricately associated with aspirational consumption and increasingly higher end offerings are among the top sales performers,” said Spiros.
The purchase of premium wines, spirits and non-alcoholic alternatives by consumers during the steepest inflationary spirals in modern history reflects the diverse range of consumer behaviours and motivations that exist within a population. For many consumers indulging in premium products is seen as a way to enjoy occasional luxuries or as a form of escapism. The consumption of premium wines and spirits can also be viewed as a status symbol or a reflection of personal taste and sophistication. Some consumers are willing to allocate a portion of their income to maintain their desired lifestyle, impress others and demonstrate their social standing or expertise in the field of wines and spirits.
Spiros said: “The inexorable march towards ever more premium offerings has been a key theme and driver for the alcohol industry for decades and there is no category that remains impervious to the trend’s relevance and long-term appeal. As one of the steepest inflationary spirals in modern history places extraordinary pressure on drinkers’ discretionary incomes, the premiumization mantra is being put to the test and the results are proof of how solidly embedded it has now become. Contrary to expectations and parallels to previous recessionary cycles, there are no significant signs of sustained or heavy trading down - at least not just yet!”
(Excerpt from a release)
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