World Spirits Report 2023
The global spirits sector continues to recover from the pandemic, Russia’s invasion of Ukraine and the cost of living crisis. The decades-long premiumisation trend also “weakened significantly” in the first half of 2023 as consumers tightened their spending, according to IWSR Drinks Market Analysis. In the first six months of 2023, consumption of premium and above spirits reversed compared to the same period in 2022 in markets such as Brazil, Colombia and the UK. The IWSR also noted volume declines in premium-plus cognac and armagnac, driven by a double-digit decline in the US, despite cognac’s recovery in China. However, premiumisation continues in Asia, with high-end baijiu performing well in China and markets such as India, the Philippines and Thailand showing ‘dynamic growth’ in high-end spirits consumption. During the financial crash of 2008-09, consumers traded down to value products, but premium-plus offerings proved resilient, the IWSR said. “Despite the ove...