Confidence in Beverage Alcohol Market Remains High

Consumer confidence in the U.S. beverage alcohol market remains strong after increases in spending across all premium-plus price tiers in 2022, according to IWSR. Total spirit volumes were up 2% while the premium-plus and RTD segments grew an impressive 13% and 38%, respectively.

Consumer spending remained resilient in the face of cost-of-living pressures. Even though last year saw total volumes for wine, beer, and cider fall, the premium-plus price tiers for these segments all grew by at least 4%.

Gen Z is the age bracket that is most worried about their current financial status, with this anxiety diminishing greatly among consumers 45 and older.

“Consumer confidence in the U.S. remains positive, with fewer financial worries than in September 2022 when we released our wave one price sensitivity findings," noted Richard Halstead, COO Consumer Research, IWSR. "In fact, we found growing optimism around personal finances and the future in February 2023, although consumers are still net anxious about the future.” [IWSR]