Luxury spirits sales rise by 23% in Q2
Sales of luxury spirits in the US grew by double digits in the second quarter of 2022, led by Tequila and American whiskey.
Trade body the Distilled Spirits Council of the US (Discus) released its latest Luxury Brand Index (LBI) date for the second quarter of 2022, compared with the same period in 2021.
The LBI tracks volume sales of spirits brands that sell for RRP US$50 or more per 750ml.
Sales of luxury spirits rose by 23% in the second quarter of 2022, compared with the same period last year.
Discus’ chief of public policy, Christine LoCascio, said: “We continued to see strong consumer demand for luxury spirits brands through the second quarter of 2022 despite the current economic environment.
“It appears macroeconomic headwinds slowed the astonishing growth rate of luxury spirits sales of 2021 but were not strong enough to reverse the positive premiumisation trend.
“Distilled spirits are affordable luxuries that bring spirits consumers great joy. Consumers are willing to spend extra for that special spirit and choosing to drink better, not more.”
Among luxury spirits, Tequila experienced the biggest increase, up by 43%, followed by American whiskey at 30%.
However, Scotch whisky grew at the fastest rate compared with the same period last year, up by 13% in Q2 2022. This was compared with a 10% growth rate in the previous year.
Irish whiskey rose by 7% over the three-month period, while Japanese whisky was stagnant in Q2.
Cognac reported a rise of 9% in the second quarter, after soaring by 48% in the previous 12-month period.
From the second quarter of 2017 to the same period in 2022, all spirits categories increased annual growth by between 8% to 45%, with an average rate of 24%.
For the first quarter of this year, sales of luxury brands in the US grew by more than a third, compared with the same period in 2021.