Over the last few years, the spirits category has been picking up share from beer and wine in the beverage alcohol space. In the latest video from Park Street University, Dave Williams, the VP of Analytics & Insights at Bump Williams Consulting, discusses the current trends and long-term outlook for spirits sales. Williams reveals how premiumization, younger shoppers, and regional products are all playing a role in this growth.
“There’s been a lot of examples of success for regional and local brands at the same time,” explains Williams. “As long as they are hitting on the attributes consumers are looking for, they are hitting in the right styles and categories consumers are looking for, and it’s an approachable price point or matches the price point for an occasion. There is room for everybody.”