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How the Coronavirus is Impacting Alcohol So Far

The alcohol industry is beginning to see an impact from the spreading coronavirus, Covid-19, in the form of postponed industry events, altered company performances and changes in global consumption trends. 

“There is no hiding the fact that the short‐term impact of this crisis is significant,” said Alain Maingreaud, president of Tax Free World Association (TFWA). “Travel to and from China and within the Asia Pacific region is down, as is spending among key nationalities.” 

Diageo has said the coronavirus could cost it $260 million in profits for the year, and AB Inbev said earnings were down about $170 million in China due to the outbreak. Beam Suntory made a statement that coronavirus is “creating challenges” in key Asia markets. Similarly, Pernod Ricard leadership noted the outbreak could have a “severe” impact on its business in China and travel retail. 

Source: The Spirits Business, Fortune, March 2020