The world of spirits has reached saturation point, with an oversupply causing prices to plummet. Major brands are feeling the pinch as consumers opt for cheaper alternatives.
With global sales down 5% and industry leaders forecasting a further decline of up to 10%, it’s no wonder that many distilleries are struggling.
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He warns that the current trend could continue for years to come unless major brands adapt their strategies.
Distilleries such as Diageo (Johnnie Walker) and Pernod Ricard (Absolut Vodka) have seen significant declines in sales over recent months. Some analysts predict a 20% drop in global spirits consumption by the end of this year.
5%: Global decline in spirit sales last quarter
Up to 10%: Predicted further decline in industry sales this year
What does it mean for consumers? With prices plummeting, those looking for a quality drink are being offered deals that might be too good to pass up.
Stay tuned!
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