Latest research and market analysis depicts and puts light on some prevalent themes that might improve the alcohol-beverage culture around, specially among the Millennials. Along the last year, not only have consumer trends changed but there have also been findings that differentiate between consumers behaviours and sentiments.
2024 has not only witnessed a switch of preferences within the alcohol beverage industry but also a dramatic shift in the political landscape of the country which has further pushed many markets to change their core structures. It has further pushed consumers into limiting their expenditure and constantly apprehending the future and its shortcomings. It’s a volatile market and alcohol beverage volumes have been under pressure throughout the year.
Due to the growing moderation in terms of healthy beverages and consuming less alcohol, even mature markets have seen a more quiet version, with spend on alcohol being very slow-paced. Globally, we are witnessing changes in the drinking patterns due to general health concerns that surround alcohol. The Pandemic was the greatest boost for this trend wherein people prefer “going slow” when going out and opt for options that contain lesser alcohol content.
The consequence of health-based options coming in is accompanied by light consumption in mature alcohols and spirits, notably among the Millennials and Gen Z of the Legal Drinking Age (LDA). Simultaneously, the growth and widening of the no-alcohol beverage market has impacted the number of drinkers who have switched to this preference from 21% to 24% on average. Beer is the gleaming star amongst all categories and continues to gain traction in its no-alcohol categories even though entrepreneurs are stepping into creating no-alcohol wines and spirits in some parts of the world.
Noticeably, the US market has presented itself as a symbol of revival with a significant amount of improvement which was particularly possible with their increased social participation and interest in premium whiskies as well as no-alcohol beverages. US Millennials feel increasingly financially secure which makes it possible for them to spend on special evenings, making their go-to drinks as malt scotch.
Meanwhile, some parts of Asia are showing contrasting consequences where there’s a drive for premium alcohol in India resulting in higher alcobev volumes. On the other hand, some are still battling with economic concerns, for example there are evident instances where markets in China and Taiwan have been severely affected due to down trading. Today, it isn’t a bummer if ‘Moderation’ is seen as a lifestyle choice ; consumers are opting for a healthier approach to life along with spending more and consciously only on premium drinks and malts.
