While fine wines/Champagne and spirits has only seen moderate value growth overall in 2018, luxury whiskies continues to see strong growth. The influx of Japanese whiskies has provided consumers with a wider range of options both through the on-trade and off-trade.
Fine champagne has continued to grow in 2018, but at a slower growth rate than the overall average for fine wines/Champagne and spirits. Increasingly price-conscious consumers can now find cheaper sparkling wine substitutes from both offline and online retailers.
Despite only holding a small value share in 2018 internet retailing continues to win share from the grocery retailers channel. Leading increasingly hectic lifestyles many consumers are looking for convenient retail options and with a number of wine merchants now taking an omnichannel approach with both stores and an ecommerce channel consumers are able to still make their purchase from a retailer that they trust.
Moët Hennessy Diageo Singapore Pte Ltd, the local distributor for LVMH Moët Hennessy Louis Vuitton SA and Diageo Plc, continued to lead in 2017, with a strong portfolio of luxury brands that includes Moët & Chandon, Veuve Clicquot, Hennessy VSOP and Johnnie Walker Blue Label. Its high-end labels Moët & Chandon and Veuve Clicquot, in particular, are expanding their reach to general consumers by offering bundle packaging or price discounts at select times.
As Singapore is a mature market with consumers constantly seeking “newness”, the entry of new players and brands is the main growth driver of fine wines/Champagne and luxury spirits. This is likely to lead to greater product variety but with more fragmentation over the forecast period.
While luxury whiskies has benefited from a young and trendy image the opposite is true with luxury brandy and cognac with the category being the only one to register a decline in current value terms in 2017 and 2018. These drinks are seen as old fashioned and despite a loyal following of older consumers they are not attracting a new younger consumer base.
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Discover the latest market trends and uncover sources of future market growth for the Fine Wines/Champagne and Spirits industry in Singapore with research from Euromonitor's team of in-country analysts.
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