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US demand for luxury spirits is on the rise for the first half of 2021, according to a new study by the US Distilled Spirits Council.
The new Luxury Brand Index tracks brand sales in six major spirits categories, such as cognac, American whiskey, Irish whiskey, single malt scotch, Japanese whiskey and tequila, which sell for over fifty dollars for a 750ml bottle. These categories account for approximately 3-4% of total spirits sales volume in the US, with a turnover of $10 billion by 2020.
The new study particularly highlights the speed with which luxury spirits sales have grown this year. In the first half of 2021, luxury spirits brand volumes were up nearly 25%.
“Across all major spirits categories, consumers are captivated by the quality, exclusivity and heritage of luxury brands,” said David Ozgo, the Distilled Spirits Council‘s vice president for economic and strategic analysis. “Sales of luxury spirits brands grew 125% between 2015 and 2020, and demand for these premium products is growing.”
Over the period 2015-2020, this increase represents an annual growth rate of 17.7%, which is well above the 2.5% rate seen for all other spirits brands.
The study also shows the emergence of certain consumption trends. American whiskies, for example, represent an emerging and growing category, with sales of premium bourbon increasing at an annual rate of 41%. Japanese whisky is also seeing an exposure of its popularity and most are selling at a premium, while Irish whisky on the other hand is experiencing a slowdown in sales, which have grown by just 14% a year since 2015.
For Dia Simms, CEO of tequila brand Lobos 1707, this surge in demand is partly down to a desire by consumers to access a luxurious and comfortable product during tumultuous times. “We live in historic times every day, it’s very important when you have the chance to celebrate that fact and be grateful for the small victories,” said Simms. “You deserve a spirit of luxury“.
Read also > PERNOD RICARD ACQUIRES A MAJORITY STAKE IN THE NON-ALCOHOLIC SPIRITS BRAND CEDER’S
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US demand for luxury spirits is on the rise for the first half of 2921, according to a new study by the US Distilled Spirits Council.
The new Luxury Brand Index tracks brand sales in six major spirits categories, such as cognac, American whiskey, Irish whiskey, single malt scotch, Japanese whiskey and tequila, which sell for over fifty dollars for a 750ml bottle. These categories account for approximately 3-4% of total spirits sales volume in the US, with a turnover of $10 billion by 2020.
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US demand for luxury spirits is on the rise for the first half of 2921, according to a new study by the US Distilled Spirits Council.
The new Luxury Brand Index tracks brand sales in six major spirits categories, such as cognac, American whiskey, Irish whiskey, single malt scotch, Japanese whiskey and tequila, which sell for over fifty dollars for a 750ml bottle. These categories account for approximately 3-4% of total spirits sales volume in the US, with a turnover of $10 billion by 2020.
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