by Anna Sandford-James
June 28, 2019
As we reach the halfway mark of 2019, we consider industry performance so far this year. One of the most striking features is the rise of spirits brands. Growth rates have almost doubled since a volume decline in 2017, and by 2022 the global spirits industry has a projected value of USD 808 billion.
So, what strategies & consumer trends are behind this growth? In this report Wonderworks looks curiously into the world of spirits marketing to identify the key trends and how they manifest into brand experiences across multiple channels to grow margins. We provide detail on 4 key growth strategies that we recognise are unlocking the potential of spirits brands so far this year. The report also presents opinion from Edrington Beam-Suntory, who have worked alongside Wonderworks to deliver spirits brands growth in a new industry landscape.
1. The Instagram Effect. Social media marketing – in particular graphic dominant Instagram – has a powerful effect on the establishment of brand-consumer relationships.
2. Engaging Consumer Experiences. Demand for experiential drinking occasions suggests brands which offer additional elements to engage audiences beyond simply providing products are evaluated more positively by consumers.
3. Impactful Serve Strategies. Distinct and ownable serves which are inherently linked to the brand and can influence other aspects of strategy keep drinking relevant and exciting.
4. On-trade Engagement. Consistent and authentic relationships with key players in the on-trade is vital for brand success.