Alcohol Spend positive in Asia, while negative trend rises across the globe
According to IWSR the most trusted and accurate source for beverage alcohol trends in the world, Asia is the only market still showing positive alcohol spends, even as the data from across the world shows a negative shift towards alcohol spends.
There seem to be growing financial concerns as cost of living is at a rise, so people are spending on essentials and going out less. In Bevtrac 1 done in March all the countries and regions showed a positive trend in alcohol spends which by September at the time of Bevtrac 2 has become negative everywhere but Asia.
The major change in consumer behaviours has come from the youngest legal drinkers who across the world are faced with huge debts, tax hikes and high cost of living. The loss of younger legal drinking aged consumers seems to have the had some impact on the momentum of premium and premium+ range, as this is the age group that gives importance to premium spends especially on-trade. However, premium and premium+ is was mostly insulated from any major downward shifts especially in the higher income groups. Popularity of Agave across USA and now spreading across the world, premium and premium+ category has shown resilience in the face of negative trends in other categories. Premiumisation is also evident the spirit category in India, China and Taiwan.
A much higher impact can be seen on beer and wine sales which have gone down in the negative. No-Alcoholic category seems to be gaining momentum and popularity across all regions and age categories. It seems to be so due to innovation, higher availability and also alignment with taste. In fact no-alcohol beer entered the top 5 last consumed category for the first time equal with RTD category. So while the overall trends seem to be worrying, experts seem confident that with job security on the rise, these changes are not permanent and there will be a bounce back in alcohol spends across the world.
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