Is Scotch too focused on prestige whiskies?
As Scotch producers try to lure in the world’s wealthiest with dazzling prestige releases, are they inspiring or alienating their core consumers?
*This feature was originally published in the August 2025 issue of The Spirits Business magazine.
In October, some of the world’s wealthiest individuals will gather at Scotland’s grand Hopetoun House with the intention of spending anywhere from £10,000 to £500,000 and beyond on a single bottle of whisky. The biennial Distillers One of One is an epic live auction of more than 40 unique and often breathtaking whiskies, each crafted to test the boundaries of liquid, art, design, and price – £2.25 million (US$2.7m) was raised by the previous auction in 2023, with proceeds being donated to charity.
It’s an extravagant display of wealth, with Scotch brands clambering to outdo one another with the oldest, most extravagant and creative lots possible.
The Distillers One of One is not an anomaly – in recent years, there’s been an avalanche of prestige and ultra-premium Scotch whiskies, so many that a new 50-year-old single malt is no longer rare or exciting news.
In the past five years (2019-2024), the volume of prestige and prestige-plus whiskies rose collectively by 6%, driving a total value increase of 13%, according to IWSR data (see tables below). This is compared with the relatively steady growth of ultra-premium Scotch at 1% volume and 4% value.
Ultra-premium releases
Caspar MacRae, CEO of The Glenmorangie Company, believes the increase in ultra-premium releases is down to a handful of trends: a significant rise in consumers collecting and investing in Scotch, an expansion of global single malt markets, and “for some segments”, increasing disposable income. “Whisky producers have been acting upon this growth in demand for some time, but old whiskies take time to come to fruition,” he says.
The new product development pipeline can stretch for at least two years, longer for an ultra-premium, long-aged product, and especially when bespoke packaging is factored in. We may be seeing the peak of prestige releases now, which were planned during the post-pandemic luxury goods boom. But with so many new whiskies hitting auctions and retailers at the same time, is the industry at risk of saturating the market with bottles that are meant to be rare and unique?
“It’s definitely a balancing act, and it’s important to respond appropriately to market conditions,” says MacRae. “We are continuing to see a demand for old and rare offerings, particularly in markets in Asia, but we also see sustained interest in unique whisky creations across the board as consumers are interested in discovering something new.”
It’s a sentiment Claudia Falcone, global brand managing director of Glenfiddich, agrees with. “There is always a balance to be achieved. As the category grows around the world, with new consumers and new markets, it is beholden on all distillers to work to keep this balance.”
The Speyside single malt recently launched a 65-year-old collaboration with Aston Martin Formula One in Harrods for £79,000. The release follows the introduction this year of its £38,700 whisky and art rental service (buyers who purchase a prestige Glenfiddich bottle can rent artworks), and its 2022 Time Re:Imagined series, with bottles ranging from £900, to £35,000 for a 50-year-old.
However, Falcone adds that increasing numbers of prestige bottlings is “entirely natural. Across single malt, we work to some very long lead times – sometimes half a century or more for the whisky. This means that we are often planning far ahead. With the strong and steady growth of the category over the past two decades, we, and the category as a whole, have been planning for more positive growth, and releasing whiskies accordingly. While we may be in a period of lower growth right now, we still look to the long term, as we have done for 138 years, as we see a lot of potential ahead.”
In a category driven largely by far more affordable premium releases, there’s a danger that without focused engagement and innovation, core consumers will simply lose interest.
For whisky adviser Mark Littler, ultra-premium whiskies serve to create a halo effect, just like high-end fashion or watches. “They’re not created for everyday consumers, just as no one expects the public to buy runway pieces from Chanel or Dior,” he says. “Instead, they act as aspirational halo products, elevating the brand’s status. A £50,000 bottle on the shelf makes the £50 bottle feel more desirable, just as high fashion drives sales of branded sunglasses, fragrances and cosmetics.”
Glenfiddich’s Falcone adds that when done correctly, prestige releases can elevate people’s perception of brands: “It can have a great effect, provided it is truly authentic. Partnering with just anyone isn’t going to work, but when I look at our partnership with Aston Martin Formula One, I see a collaboration that adds value, for not only both partners but for the consumer as well.”
However, there’s an argument that Scotch is not the same as high fashion or jewellery. Brands like Glenfiddich and Glenmorangie might release rare, prestige expressions exclusively for HNWIs (high-net-worth individuals), but they’re also supermarket brands – you wouldn’t find Chanel or Rolex in the aisles of Tesco. It’s all very well creating an aspirational range at the top, but if Scotch neglects to engage its core supermarket shopping consumer in its chase for HNWI spend, it risks alienating the very audience driving the bulk of sales.
Anne Martin, chief marketing officer of Stock Spirits Group, whose Clan Campbell blended Scotch focuses exclusively on an accessible core range, says too much focus on spend from HNWIs and failure to engage their core consumer base can have a disastrous effect, not just for individual brands, but for the whole category.
“The biggest risk is that consumers drift away from the whisky category if it stops feeling relevant to them,” she says. “Maintaining relevance is key, not only to retain existing drinkers but also to attract new ones. Once engaged, you can encourage them to explore the depth of the category and eventually trade up, but it has to be done the right way. In recent years, some brands have pushed pricing too far, assuming there were no limits and no need to deliver exceptional liquid to justify the cost. That approach risks alienating consumers.”
In an April 2024 study of 1,000 French whisky drinkers, Clan Campbell found only 6% had spent on average more than €75 (US$66) per bottle for personal consumption, and only 7% had done so for gifting – results that Martin claims show “just how critical it is to stay grounded in consumer expectations”.
Dawn Davies, head buyer of The Whisky Exchange, agrees: “Our customers want value. They want to try before they buy, they don’t want expensive non-age-statement releases. They are happy to spend but within reason and on something they really want.”
But she adds that doesn’t mean returning to the conveyor belt of limited release expressions seen in recent years. “Innovation is where a lot of people have scaled back, and I don’t think this is a bad idea,” she says. “In the past few years, we were flooded with release after release, and the customer has release fatigue. The brands need to go back to focusing on core ranges, not only to attract a new consumer but also to get people driving the category forwards again.”
Careful adjustment
It’s a tactic Glenmorangie appears to have grasped, with its recently reinvigorated core range that saw a careful adjustment of recipes and slightly older age statements introduced alongside steady annual limited releases in its ‘A Taste of…’ series, balanced with higher-priced, prestige editions.
“From a brand point of view, we do not believe that high-end whisky releases should be at the expense of more accessible or core range offerings,” explains MacRae. “It comes down to making sure that there’s something on offer for all whisky lovers, and that everyone feels welcome to discover and enjoy single malt.”
While Glenfiddich hasn’t introduced a new premium expression since its Orchard Experiment in 2022, the brand hints it will be introducing new 16- and 19-year-old whiskies in September. “We always want to make sure we are keeping the category exciting at all levels,” Falcone says.
That halo effect may have positive repercussions as new drinkers perceive Scotch to be an aspirational drink, but when the category has spent so long shaking off its stuffy image and promoting itself as a mixable and accessible spirit for everyone, it risks undoing the work of the past few years.
The balance will be in education, authentic, strategic partnerships that invite rather than alienate, the maintaining of quality liquid at affordable price points, and the engagement of consumers at every level from cocktail bars to wealthy auctions.
It’s a tall order for a category already balancing a reputation as both traditional and modern, but as Davies warns, “exclusively going after the 0.001% of the market is not sustainable”, with the danger being that Scotch whisky becomes “unobtainable, not inspirational”, and ultimately alienates consumers.
Global Scotch sales by value and volume, 2019-2024
| % CAGR value 2019-2024 | % CAGR volume 2019-20 | |
| All Scotch whisky | 4% | 1% |
| Value | -1% | -2% |
| Standard | 4% | 2% |
| Premium | 3% | 2% |
| Super-premium | 4% | 1% |
| Ultra-premium | 4% | 1% |
| Prestige | 4% | 1% |
| Prestige-plus | 9% | 5% |
Predicted global Scotch sales by value and volume, 2024-2029
| % CAGR value 2024-2029 | % CAGR volume 2024-2029 | |
| All Scotch whisky | 1% | 1% |
| Value | -2% | -2% |
| Standard | 1% | 2% |
| Premium | 1% | 1% |
| Super-premium | 2% | 2% |
| Ultra-premium | 0% | 0% |
| Prestige | 2% | 2% |
| Prestige-plus | 2% | 2% |
How can Scotch whisky brands find the right pricing balance, and connect with consumers?
“It is essential for the Scotch whisky category to maintain a balanced portfolio that includes both ultra-premium, prestige bottlings and more accessible, core-range products,” says Christian Visalli, spirits global managing director at Familia Torres, owner of Liathmor Scotch whisky. “The ultra-premium offerings play a crucial role in elevating the category’s image, appealing to seasoned connoisseurs and reinforcing the aspirational nature of Scotch whisky. These expressions often showcase remarkable complexity and unique flavour profiles – such as the highly peated single malts from Islay – which can be particularly rewarding for experienced palates.
“Conversely, core-range products serve as an inviting entry point for newcomers to the world of Scotch whisky. Their approachable character and ease of enjoyment make them ideal for those just beginning their journey, allowing new consumers to develop an appreciation for the category before exploring more complex and challenging expressions. By offering both ends of the spectrum, Scotch whisky brands can nurture long-term loyalty, and ensure the continued growth and vitality of the category.”
It’s a fair assessment of how a balanced split between affordable options and more prestige bottlings can broaden your audience. But ‘balance’ is the keyword.
Visalli explains how Liathmor is designed to target the entry point of the whisky market, catering in both affordability and a balanced, approachable taste.
“Our primary objective was to create a blended Scotch that is exceptionally approachable, offering a smooth palate and a harmonious flavour profile,” Visalli explains. It has also been crucial in helping the brand to form meaningful connections with its consumers.
“For brands to remain relevant and foster meaningful connections with consumers, it is imperative to tell compelling stories that resonate on both emotional and cultural levels,” Visalli stresses. “A brand’s narrative, when authentically communicated and thoughtfully integrated into packaging, can create a lasting impression and foster brand loyalty.”
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