Spirits trends to watch in 2021

4th January, 2021 by Nicola Carruthers

Leaning towards luxury

The emergence of luxury spirits has seen consumers spend more on bottlings while they’ve been unable to go out this year. Consumers appear to have used the cash they would have spent in bars on alcohol to buy high‐end spirits in the off‐trade.

A study conducted by IWSR Drinks Market Analysis before the pandemic showed ‘status’ spirits (brands retailing for US$100 or more) are growing faster than the total spirits market. The IWSR’s Status Spirits Strategic Study showed the value of the status spirits market (excluding baijiu) was worth US$8.3bn, and grew at a compound annual growth rate (CAGR) of 7% from 2014 to 2018. In comparison, the total global spirits market grew by 2% value CAGR. The growth of status spirits is expected to be much faster in less developed categories such as American whiskey, Tequila and rum.

Crystal glassware maker Glencairn also said sales of luxury spirits have grown during 2020 and will continue to rise this year.

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