NEWS
FITCH SOLUTIONS: SOUTH KOREAN WINE CONSUMPTION TO GROW 3% ANNUALLY 2021-2025
By Susan Lewis
15-7-2021
Credit: David Mathews
According to data research firm Fitch Solutions, South Korea’s wine consumption per adult will increase by 3 percent annually from 1.5 litres in 2021 to 1.7 litres in 2025.
Fitch Solutions’ latest insights report also said that growth in wine drinking will outpace the increase in beer and spirits consumption of 1 percent and 1.2 percent respectively in the coming four years.
Despite that consumption of wine is expected to grow faster, beer and spirits will still account for the lion’s share of the alcoholic drinks consumption in South Korea in 2025 at around 53.7 percent and 44.1 percent respectively.
According to Fitch Solutions’ forecast, the overall alcohol spending in South Korea will grow by 8.3 percent this year to 6.9 trillion won (USD6.8 billion).
Between 2022 and 2025, Fitch Solutions expected a deceleration in off-trade sales growth, with the anticipation of Covid-19 restrictions being removed.
During this period, alcohol spending is predicted to grow by an annual average of 4.3 percent, returning to ‘lowered but stable growth’ as hospitality opens up again.
“Growth in spending (only includes off-trade spending) is driven by South Korean consumers consuming alcohol at home, rather than at social gatherings,” it said.
It was previously reported that the at-home drinking trend led one in five South Koreans to order wine online in the past six months.
Meanwhile, wine imports increased by 30.4 percent in 2020, surging during special occasions such as Christmas, and owed to younger South Korean consumers ‘drinking alcohol alone at home’ while the on-trade was shut.
(the writer can be contacted at: info@thewinechronicle.com)
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