US bar tabs shrinking as customers opt for cheaper options due to tough economic conditions

From Investing.com: 2024-12-23 02:10:59

In New York, bars are full but customers are spending less on expensive craft cocktails, opting for cheaper options like wine due to tough economic conditions. Major spirits producers like Diageo and Pernod face challenges as drinkers switch to cheaper brands and venues, impacting annual sales. Wholesaler sales of spirits are expected to decline by 5.65%, with a shift towards lower-priced bottles in bars. Some markets, like Britain, are seeing a recovery in consumer spending, but the United States faces a cautious holiday season. Sales of spirits for at-home consumption are up, while higher earners remain resilient. Trends towards drinking less and experimenting with alternatives like THC-infused beverages are impacting the industry, raising questions about the effectiveness of shifting drinkers to pricier brands.



Read more at Investing.com: Shrinking US bar tabs signal little festive cheer for liquor makers By Reuters