Whiskey is the magic potion which adrenalizes your senses. Yes, a must-have for every plush party. So, what’s in store for those thirst quenchers in the year ahead? Let’s dive deeper into those tipsy territories. Vinay Joshi, Marketing Manager, Indian Subcontinent and Maldives, Brown-Forman, says, “The alcohol industry continued its strong momentum in 2022. This was driven by some very strong consumer and shopper trends which are likely to continue into 2023 and help the category maintain its strong growth momentum.” Joshi explains what lies ahead in the year 2023.
Premiumization
People are drinking better. This trend was already there pre-covid but it accelerated significantly during and post-covid when people started drinking better quality and more premium spirits. This was further supported by tax rationalization in a few states which made premium better-quality products more affordable for people.
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Desire to Discover
The consumers are looking to discover new experiences, products, brands and new ways of consuming spirits. While this is evident across categories, this is playing out very strongly in the alco-bev industry. Global exposure via travel and social media has ensured people in India are aware of the latest global trends and want to experience them. Increasing affluence levels in India have also given more people the ability to try new premium brands and experiences. The consumer response received to our new products has been very positive and above expectations. This reinforces that consumers are looking for new offerings and are ready to try them, especially when it comes from well-known high-quality global brands such as Jack Daniel’s.
Retail Transformation
One of the big trends and enablers helping drive premiumization and discovery is retail transformation. Supported by positive changes in policies and regulations, liquor stores today offer a modern, safe and convenient shopping experience. This has certainly improved accessibility to premium and high-quality brands for shoppers and consumers. Women and families feel more comfortable shopping in these modern liquor stores. Some of these stores offer even superior shopping experiences to duty free or premium liquor stores in other international markets.
In-home consumption
Another trend accelerated by Covid was in-home consumption. There is today more permissibility and ease around serving and consuming alcohol at home. Hence, this is a fundamental shift and is likely to sustain in 2023 and beyond, driving growth in in-home consumption of premium brands.
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