NEWS
IWSR: GLOBAL HOSPITALITY SECTOR SHOWS SIGNS OF REVIVAL LED BY BRICS COUNTRIES
By Siulan Law Mathews DipWSET
9-12-2024
Credit: Polina Kozovkova/Unsplash
A survey report by the IWSR, a global wine and spirits business think tank, shows that the global hospitality sector is showing signs of revival, in particular in developing economies including China, India, Brazil and South Africa.
In its Bevtrac Wave 2 survey, a longitudinal tracker of consumer purchasing behaviour across 15 nations, IWSR said total alcohol spending in India and Brazil has increased by 4 percent compared to 2023.
“Growth in India is supported by a confident urban middle class and a younger LDA cohort that continues to trial new categories. Brazil and South Africa are benefiting from improving economic sentiment and a growing appetite for on-trade occasions.”
IWSR also said “moderation sentiment is evident in all markets apart from China and India; consumers in European markets are consistently most likely to claim they are cutting back on alcohol”.
While in USA, millennials have been largely responsible for driving a hospitality revival in the country, over-indexing in sales of Scotch whisky, liqueurs and sparkling wine.
IWSR’s Bevtrac Wave 2 survey gathered information from consumers in 15 countries including China, Indai, Germany, Italy, Mexico, the UK and USA.
It has revealed a year-on-year rise in “on-trade consumption incidences” in certain markets and noted that “recovery of the total beverage alcohol market continues at a cautious pace”.
The report stated: “Uncertainty among consumers, and the continued rise of moderation, has temporarily disconnected the link between rebounding real incomes and beverage alcohol volumes and spend. Consumer confidence, however, is slowly recovering in USA, Europe and Latin America, and is generally stable elsewhere.”
Ivana Mitic, senior insights manager for Bevtrac at IWSR, commented: “IWSR’s latest Bevtrac data shows a growing revival in the on-trade for some markets, offering a much-needed boost for the industry. As consumers return to bars and restaurants, we see a renewed focus on premium experiences and diversified offerings, laying the groundwork for future growth.”
(the writer can be contacted at: info@thewinechronicle.com)
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