The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.Learn More
In February 2016, Euromonitor International presented at the INDSPIRIT conference, organised by Ambrosia India. INDSPIRIT is India’s most eminent alcoholic drinks conference attended by the key international and domestic alcoholic drinks manufacturers and foodservice companies.
The discussions at the conference were largely focused on key themes such as the growing female consumer base and the importance of digital media in influencing the buying behaviour of especially Millennials. Some of these reinforce Euromonitor’s presentation at the conference.
Manufacturers now understand the importance of the growing base of women consumers, who are increasingly experimenting and switching to premium spirits especially single malt Scotch. As more female consumers move to spirits, it is expected that international manufacturers will introduce products such as liqueurs, which are generally preferred by women globally.
Many manufacturers have allocated huge budgets for digital marketing of their new brands; it is even more important for product extensions focused on younger consumers including Millennials. Manufacturers believe that social media is the appropriate channel to reach out to Millennials, who are tech savvy and very active on social media. Going forward, social media will play a key role in connecting with Millennials, who also constitute a significant proportion of the total population as of 2015.
Thus, it is even more imperative to get Millennials on board early and continue to cater to them as their disposable income rises and they reach peak earning years. While manufacturers are thinking ahead, they have already started dwelling on potential regulations that the Indian government might introduce for regulating digital marketing of alcoholic drinks.
Consumers, globally, are now looking for more authentic experiences and alcoholic beverages. This is one of the reasons why craft spirits are now picking up across various countries globally and are likely to become available in India soon enough. Interestingly, there are already smaller alcoholic drinks manufacturers in India who have been betting heavily on craft spirits such as Goan Feni and have set up operations to manufacture such craft varieties.