Horeca is key driver of demand for fine wines/champagne and spirits in Spain, but with these venues closed (or operating at a much reduced capacity with limited opening hours) for much of 2020, retail current value sales of fine wines/champagne and spirits declined for the first time in seven years. During 2021, restrictions on horeca were eased somewhat and tourism began to recover – but remained well below pre-pandemic levels.
Demand for fine wines/champagne and spirits continued to be negatively affected by subdued inbound international tourism during 2021. With tourism a key sector of the domestic economy, this had a knock-on effect on demand for fine wines/champagne and spirits among local consumers.
Prior to the onset of the pandemic, many local consumers were reducing their consumption of alcoholic drinks for health reasons, and the pandemic has served to accelerate this trend. Moreover, the negative long-term health effects of excessive alcohol consumption are increasingly widely known.
With international tourism set to revive, there will be robust growth in retail current value sales of fine wines/champagne and spirits throughout the forecast period. Demand growth will be concentrated in popular tourist destinations, such as Marbella, Ibiza, Mallorca, Gran Canaria and Tenerife, in addition to Madrid and Barcelona.
With Spain’s post-pandemic economic recovery set to lag that of its Northern European neighbours, demand for fine wines/champagne and spirits among domestic consumers is likely to be relatively subdued for much of the forecast period. However, with COVID-19 restrictions on horeca operations now very limited, there will be more opportunities to socialise out of home.
Baby boomers remain the biggest consumers of fine wine/champagne and spirits in Spain, but this population segment is reaching an age where their ability to consume alcohol is declining. They are also becoming increasingly health conscious, with COVID-19 set to deepen this trend during the forecast period.
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Fine Wines/Champagne and Spirits
This report originates from Passport, our Fine Wines/Champagne and Spirits research and analysis database.
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