2022: The Year of Premium Spirits in the USA 🥃🍸
Tequila led the charge in 2022, showcasing remarkable growth in both volume and value. This surge was powered by a successful premiumization trend, with US consumers embracing sipping tequilas like never before. Celebrity endorsements, such as Kendall Jenner's 818, played a significant role in attracting new aficionados to higher-priced options.
But it wasn't just tequila. Premiumization was a key trend across various spirit categories. Whiskies (Irish, Scotch, and Japanese) and cognac also saw a notable shift towards higher-end products, indicating a broader consumer movement towards premium spirits.
Interestingly, consumers are not just sticking to one category. They're exploring different spirits, and finding value in premium segments across the board. For instance, switching from tequila to bourbon offers a different experience without compromising quality.
Recognizing this trend, major companies are investing heavily in premium spirits. Pernod Ricard formed the “American Whiskey Collective” and Campari invested in a flavoured bourbon “Howler Head” which are prime examples of corporate strategies aligning with consumer preferences.
However, not all spirits are enjoying the same success. Despite attempts to replicate tequila's triumph, premium rum remains a niche with limited consumer awareness. Vodka, too, faces challenges, struggling to keep pace with evolving consumer tastes.
2022 was a fascinating year for the spirits industry in the USA, marked by a clear shift towards premiumization and exploration. What trends do you think we'll see in 2023? Share your thoughts below! 🥂
Source: Euromonitor, 2024
#tequila #usa #premium #trend #whiskey #premiumization
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