Premiumisation in the United States Spirits Market
During the economic recession, spirits in the United States performed well due to effective marketing campaigns and product innovation. Jared Koerten, US Research Analyst at Euromonitor International, explains how premiumisation is driving growth in the spirits market; particularly in tequila and Irish whiskey, which are already seen as premium products. Other categories that don’t offer a premium allure, such as Canadian whiskey, have experienced slow or even negative growth. Not only are consumers shifting to premium categories, but they are buying premium brands within categories. Premium vodka brands such as Grey Goose and Absolut are expected to perform positively in 2011.