Premiumization and Price-Consciousness Impacts Spirits Industry, finds Technomic Dual trends challenge marketers, retailers and bar and restaurant operators
CHICAGO, May 15, 2014 /PRNewswire/ -- Growth continues for the spirits industry into 2014, particularly in premium spirits categories. However, consumers also indicate cost is now the primary decision driver when purchasing spirits, according to Technomic's recently-released 2014 SpiritsTAB Report and its DRINK online database.
"The trend of consumer trade-up to higher-priced spirits – especially to unique, specialty and aged expressions in whiskey, tequila, rum and Cognac – continues, but appears to be slowing," observes Donna Hood Crecca, Senior Director at Technomic. "At the same time, consumers are saving money by cutting back on drinks ordered in restaurants and bars. These simultaneous trends may point to a drinking-less-but-drinking-better scenario for some consumers, which has strategic implications for brand marketers as well as retailers and restaurateurs."
[View infographic for specific data points about premiumization, price-conscious consumers and the spirits market's performance.]
The 2014 SpiritsTAB Report is part of Technomic's Trends in Adult Beverage series and provides an in-depth look at national volume and sales information on spirits categories, brands and suppliers, as well as actionable outlook and projection information, and consumer insights around spirits purchases on-premise and at retail.
DRINK (Digital Resource INformation Knowledgebase) is Technomic's online resource featuring spirits, wine and beer volume and sales information, category analysis, a new product tracker and additional tools and insights for adult beverage professionals. DRINK is searchable, exportable and constantly updated.
Press Inquiries: Donna Hood Crecca, 631-265-3839, or firstname.lastname@example.org
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Technomic provides clients with the facts, insights and consulting support they need to enhance their business strategies, decisions and results. Its services include numerous publications and digital products, as well as proprietary studies and ongoing research on all aspects of the food industry.