WASHINGTON, D.C. 04/24/2024 - According to the latest available data from WSWA’s SipSource, total Wine and Spirits depletions were down -5.52% in the 12 months ending March with Wine and Spirits declining -8.34% and -2.65%, respectively. Inflation may be moderating, but with prices for staples like rent and energy spiking, consumers are spending less on luxury goods including beverage alcohol. The Consumer Price Index for all goods rose to +3.5% by the end of March, marking the third consecutive 0.4% month-over-month increase. So, what does this mean for the craft wine and spirits marketplace?
Most craft wine and spirits products fall within the mid- to high-tier price tiers tracked by WSWA’s SipSource with March-ending data showing an even more tenuous position for brands to maneuver.
- Table Wine Tier 5 $15.00-$24.99: -5.73%
- Table Wine Tier 6 $25.00-$49.99: -17.32%
- Table Wine Tier 7 $50.00+: -14.73%
- Spirits Tier 4 $25.00-$49.99: -4.19%
- Spirits Tier 5 $50.00-$99.99: -4.93%
- Spirits Tier 6 $100+: -14.34%
On Tuesday, April 30, 2024 at 1 p.m. EDT craft wine and spirits owners can join WSWA Access Craft members and industry professionals to hear from finance and venture investment experts Kristen Bareuther, Head of Investment Asahi Group Beverages & Innovation, LLC and Michael Manzo, Executive Vice President & CFO for Winebow as they explore the current state of the capital investments market, growth strategies for start-up entrepreneurs in the beverage alcohol space, and focus on what’s needed to attract and engage with investors.
Register today for FREE: https://us06web.zoom.us/webinar/register/7717134610971/WN_NVt1UnwST-m9G8u3SM3QZQ