Last Update: January 29, 2023, 08:58 IST
Another trend accelerated by Covid was consumption at home. Today there is more acceptance and ease of serving and drinking alcohol at home
Consumers are looking for new experiences, new ways to consume products, brands and spirits
Whiskey is the magic potion that adrenalizes your senses. Yes, a must for every plush party. So, what’s in store for those thirst quenchers in the coming year? Let’s dive deep into those intoxicating territories. Vinay Joshi, Marketing Manager, Indian Subcontinent and Maldives, Brown-Forman says, “The alcohol industry continues its strong momentum in 2022. Maintain your strong growth momentum. Joshi reveals what lies ahead in the year 2023.
premiumization
People are drinking better. This trend was already there before covid, but it accelerated during and after covid when people started drinking better quality and more premium spirits. This was further supported by tax rationalization in some states, which made premium quality products more affordable to the people.
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desire to discover
Consumers are looking for new experiences, products, brands and new ways to consume spirits. While this is evident across categories, it is trending very strongly in the alco-bev industry. Global exposure through travel and social media has ensured that people in India are aware of the latest global trends and want to experience them. Rising levels of affluence in India have also given more people the ability to try new premium brands and experiences. Consumer response to our new products has been very positive and has exceeded expectations. This confirms that consumers are looking for new offerings and are willing to try them, especially when it comes from well-known high-quality global brands such as Jack Daniels.
retail change
One of the big trends and enablers helping to drive premiumization and discovery is retail transformation. Backed by positive changes in policies and regulations, liquor stores today offer a modern, safe and convenient shopping experience. This has definitely improved the access of premium and high quality brands to the buyers and consumers. Women and families feel more comfortable shopping in these modern liquor stores. Some of these stores offer a better shopping experience than duty free or premium liquor stores in other international markets.
domestic consumption
Another trend accelerated by Covid was consumption at home. There is more acceptance and ease in serving and drinking alcohol at home today. Hence, this is a fundamental shift and is likely to continue in 2023 and beyond, leading to a rise in domestic consumption of premium brands.
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