World: Premiumisation of alcohol far from over agains all the odds, research shows
New research from Euromonitor International shows the premiumisation trend is far from over, with sales of premium alcohol continuing to rise despite the current global economic climate, The Drinks Trade reported on September 5.
Spiros Malandrakis, Head of Alcoholic Drinks at Euromonitor International, said premiumisation remains firmly in the spotlight in all categories, from champagne to non-alcoholic spirits.
“This is premiumisation against all the odds. Aspirational momentum is overcoming the cost of living crisis. In fact, iconic segments that are now intricately associated with aspirational consumption and increasingly higher end offerings are among the top sales performers,” said Malandrakis.
In an inflationary economic environment, where consumers generally seek value for money, purchasing premium wines, spirits and even their non-alcoholic alternatives continues to rise.
Malandrakis attributes this behaviour to the pursuit of escapism through occasional luxuries, a recent trend noted by other research companies.
In April 2023, leading global beverage alcohol data specialist IWSR reported that consumers were offsetting cost of living pressures by being more selective in how and where they spent money on alcohol.
IWSR attributed the resilience of the premiumisation trend to consumers wanting to drink better quality less often rather than having to down-trade in quality.
“After the pandemic, at-home drinking is still preferred, but there is a strong motivation to go out, just with less frequency and more mindfulness in alcohol consumption and spending,” said Richard Halstead, COO Consumer Insights, IWSR Drinks Market Analysis.
Malandrakis adds: “As one of the steepest inflationary spirals in modern history places extraordinary pressure on drinkers’ discretionary incomes, the premiumisation mantra is being put to the test and the results are proof of how solidly embedded it has now become.
“Contrary to expectations and parallels to previous recessionary cycles, there are no significant signs of sustained or heavy trading down – at least not just yet,” he said.
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