Spirits sales beat out beer and wine for second straight year, despite little growth
Publishing timestamp: 2024-02-07 12:11:10
Summary
The U.S. spirits industry maintained its market share strength in 2023, surpassing beer and wine for the second consecutive year. However, overall revenue growth was modest at 0.2%. Consumers showed a preference for vodka, high-end tequila and mezcal, and American whiskey, while ready-to-drink cocktails emerged as the fastest-growing category. The spirits industry remained resilient despite challenges from inflation and interest rates. Premium spirits sales have started to decline after a surge during the pandemic. Ready-to-drink cocktails have been a bright spot for investors. The article also mentions the extension of the suspension of EU tariffs on liquor and the entry of more beverage companies into the market.
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Keywords: beer, food and drink, lvmh moet hennessy louis vuitton se, constellation brands inc, coca-cola co, diageo plc, business news, wine, liquor,
Source: https://www.cnbc.com/2024/02/07/spirits-sales-top-beer-and-wine-in-2023.html