Spirits sector contributes $730 billion to GDP
The spirits industry makes a US$730 billion contribution to global GDP (gross domestic product) annually, a new study has revealed.
Oxford Economics and IWSR Drinks Market Analysis conducted a study on behalf of the World Spirits Alliance (WSA), called the WSA Global Economic Impact Study.
It revealed the global spirits industry injected US$730bn into global GDP in 2022, and supported 36 million jobs worldwide.
Spirits generated US$390bn in tax revenue, the study showed, comparable to the tax intake of a top-20 global economy.
Manufacturers spent US$120bn with their suppliers – with more than half going directly to supporting agriculture.
Philippe Schaus, CEO of Moët Hennessy and president of the WSA, said: “Our Global Economic Impact Study shows clearly the spirits industry’s indispensable contribution to the world economy. From employment to tax revenue, and from fostering innovation to supporting sustainable practices, our industry plays a crucial role.
“Notably, more than half of the spirits sold globally are now at the premium level or above, proof that our consumers are embracing the ‘drink less, but better’ philosophy.”
Helen Medina, recently appointed CEO of the WSA, stressed the “significant” economic impact the spirits sector has worldwide.
“At a time of rising trade tensions, this report provides an important reminder of what a success story the global spirits sector is. I am excited and committed to navigating these opportunities and challenges together with my members,” Medina said.
“The figures featured in our landmark study underscore our significant economic role and the need for continued collaboration to maintain stability and progress. Prioritising responsible drinking, production and marketing practices remains at the forefront of our efforts to ensure the long-term success and positive impact of the spirits industry.”
Earlier this month, Kantar revealed the top 20 most valuable alcohol brands in the world – eight of which are spirits.
To discover the world’s biggest-selling spirits by volume, check out The Brand Champions 2024 report.
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