Despite the sluggish economic climate, premium spirits have grown by 25% in value in the on-trade during the past 12 months, new research shows.
This end of the category is now worth £475m in the on-trade and £221m in the off-trade (a rise of 4%).
The First Drinks Market Report is the third annual review of the spirits sector commissioned by the company that lies behind such brands as Hendrick’s Gin, Tia Maria, Glenfiddich and Sailor Jerry.
The research indicates that growth at the premium end is being driven by malt whisky, Cognac and premium gin in particular.
The market is also being boosted by a thirst for new drinks, with 51% of consumers looking for new products on nights out.
The findings also revealed that: more than two-thirds of consumers are willing to pay more for a unique serve; that an influx of foreign wealth, particularly in London, is driving growth in luxury Cognacs and rare aged
whiskies; and that 78% of consumers now share their on-trade experiences via social media.
“Evident from this year’s research is that, despite the continued austerity, consumers are still looking for quality drinking experiences in both the on and off-trade,” said First Drinks MD Chris Mason.
“By really understanding consumers and shoppers, opportunities for growth do exist for both brands and retailers,” he added.
