In more recent years, distillers have increased their focus on value sales as volumes, particularly in core mature markets, slowed down. This has meant a greater emphasis on premium and above priced spirits. This global briefing looks the key countries for these products such as China and the US but also other markets as the reach of premium and above spirits broadens.
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The number of households with high disposable income and economic growth are vital elements in determining the capacity for a country to consume premium and luxury spirits. However, it is not essential as a small but very affluent economic elite offers opportunities as do cultural factors in different markets.
Thanks to its size and popularity of its local spirit, baijiu, China dominates premium and above spirits sales in both volume and value terms. However, the country’s strength is focused on this one category, which suffered badly between 2010-2015 due to a crackdown on corruption but will recover as consumption habits adapt.
While only around a 10th of the size of the Chinese high-end spirits market, the US offers greater opportunity for growth thanks to a broader range of categories seeing growth in premium and above spirits.
A combination of growing prosperity, but equally importantly, changing consumer habits, has led to greater opportunities in a wider range of markets, both mature and emerging.