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Preference for premium spirits drives up sales of high-priced liquor
Mint Mumbai
|December 11, 2023
The trend has prompted several spirit makers and importers to build on the premium part of their portfolios
Expensive spirits which retail upwards of ₹2,000 per bottle are seeing rising demand in many big cities, pointing to increasing premiumization of India’s spirit consumption habits. Industry experts say a continued rise in drinking better (upgrading your choice of drink or brand) at home has contributed to this premium shift, among other things such as rising cost of drinking out, and a younger set of consumers preferring to drink less, but better.
Data from the Confederation of Indian Alcoholic Beverage Companies (CIABC) shows that spirits priced above ₹1,000 have grown at a pace of 48% year-on-year (y-o-y) in 2022-23, compared to just 12% for the less-than- ₹500 segment of spirits. And within the above- ₹1,000 category, Indian offerings’ share has jumped from 18% in 2021-22 to 20% in 2022-23, showing a significant growth of preference for Indian premium brands.
Dit verhaal komt uit de December 11, 2023-editie van Mint Mumbai.
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