COVID Hasn’t Slowed Interest in Premium Spirits; new Analysis Tool Shows Luxury Sales Continue to Climb
At the 2021 DISCUS Annual Conference in Austin, Texas, the Distilled Spirits Council of the United States unveiled its Luxury Brand Index, a new tool to analyze the sales of premium spirits brands. The tool tracks sales of brands in six major spirits categories — Cognac, American whiskey, Irish whiskey, Single Malt Scotch, Japanese whisky and Tequila — that sold for a retail price of $50 or more for a 750-milliliter bottle.
The LBI revealed upward trends across the board from 2015-2020.
“Across all major spirits categories, consumers are captivated by the quality, exclusivity, and heritage of luxury brands,” said David Ozgo, DISCUS senior vice president for economic and strategic analysis, according to a news release. “The sale of luxury spirits brands has spiked 125 percent between 2015 and 2020, and demand for these prestige products is growing.”
According to the release, luxury spirits brands grew in volume by 125% from 2015 to 2020, an annual growth rate of 17.7%, which is far greater than the 2.5% rate at which spirits industry as a whole grows.
Through the first half of 2021, luxury spirits brands are up 25%. LBI findings about each category:
American whiskey: Since 2015, luxury American whiskey has grown at an annual rate of 41% and now totals about 6 million bottles.
Japanese whiskey: Luxury Japanese whiskey has grown at an annual rate of 42% since 2015 and now totals almost 2 million bottles.
Tequila: Since 2015, luxury tequila has grown at an annual rate of 30.7% and totals nearly 28 million bottles.
Cognac: Since 2015, luxury cognac has grown at an annual rate of almost 16% and now totals nearly 29 million bottles.
Irish whiskey: Since 2015, luxury Irish whiskey has grown at an annual rate of more than 14% and now totals more than 1 million bottles.
Single malt scotch: Currency fluctuations and tariffs have caused problems in recent years, but through the first six months of 2021, luxury single malt scotch grew by 5.6% and now totals nearly 9 million bottles.
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