IWSR Predicts Increased Opportunities for Premiumization
Consumers accumulated an extraordinary amount of savings during pandemic lockdowns, creating significant opportunities for premium products, according to IWSR. Premium-and-above spirits in the U.S. recorded close to a 10% volume gain in 2020 and are expected to post a 7% gain in 2021.
The gains are driven by varied offerings in premium-plus spirits, celebrity endorsements, and brands adapting to at-home consumption trends. Many brands have shifted resources to target consumers at home, using resources such as e-commerce, digital communication and social media.
“Covid restrictions have led consumers to appreciate the value of at-home treating through the purchase of premium products," explained IWSR research director Jose Luis Hermoso. "The pandemic has put a lot of things into perspective, and ‘carpe diem’ is back on the agenda."
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