SipSource Analysts and industry veterans Danny Brager and Dale Stratton forecast what to expect this holiday season and preview trends that are emerging from exclusively available 2023 wholesaler depletion data. Find out what’s hot and what's not in wine and spirits this holiday season as they discuss what categories will lead the way during holiday celebrations and into the new year. Don’t miss what SipSource’s Channel Shifting Index (CSI) tells us about 2023 on- and off-premise trends and what they could mean for your 2024 business planning.
Recorded on Thursday, October 19.
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- As Premiumization Wanes, Expect Growth in Unexpected Channels: “While consumers continue to trade up in certain segments, premiumization levels in several segments are waning as economic conditions continue to pressure consumer budgets. These market forces and others benefit some channels more than others, and we see that in terms of which channels consumers are gravitating to,” said Brager. “Convenience stores, especially C-store chains, value and discount retailers within the off-premise — as well as recreation and transportation channels within the on-premise — are a couple of ones trending more positively that we are keeping our eyes on.”
- White Wine Poised to Continue to Outperform Red and Pink: Growth in Sauvignon Blanc, Pinot Grigio and White Blends, along with the continued popularity of Prosecco, is driving white wine to outperform red and pink wine substantially in both the on- and off-premise. Analysts point to today’s focus on wellness diets and preferred food pairings as consumer trends driving some of these purchasing behaviors.
- The Bottom Line: While Brager and Stratton both predict wine and spirits category trends will improve relative to what we've seen the last few months, economic, geopolitical, and evolving consumer sentiments will continue to subdue growth rates. “It’s going to get better,” they say, “but the question is by how much?”
- WSWA’s SipSource Announces New 2024 Forecasting Capabilities: Existing industry forecasting solutions rely on partial data and black-box methodologies to arrive at suboptimal forecasts that drive major business decisions. To solve for this, SipSource and partners Kearney, VIP and NielsenIQ will introduce a new forecasting capability in January 2024. Preliminary forecasting will be available for select categories including Tequila, Brandy/Cognac, and American Whiskey at the beginning of the year, with more categories to come throughout the next 12 months.