Region-wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific), and LAMEA ( Latin America, the Middle East, and Africa). By distribution channel, it is divided into wholesale, retail, e-commerce, and others. By type, it is categorized into wines/champagnes and spirits. Get more information on this report : Request Sample PagesĪccording to the luxury wines and spirits market analysis, the market is segmented on the basis of type, distribution channel, and region. Moreover, rise in social media trends in developed countries is also taking lifestyle of millennials and Gen Z toward spending more on premium products, which is expected to open new avenues for the market participants to enter emerging markets.
Rise in acceptance of wines and spirits consumption and surge in popularity of vintage wines for special occasions are expected to stimulate the market growth in nations such as China, Canada, and Germany. These factors act as major hindrances for the market growth.Įmerging nations are expected to provide major opportunities for the luxury wines and spirits market growth during the forecast period. In addition, some governments also support campaigns and non-government organizations (NGO) that condemn the use of such beverages. Moreover, there are restrictions on advertisements and promotions of such products, which restricts the marketing strategies available to manufacturers. As a result, many governments have imposed stringent rules and regulations about sales and distribution of these products. Rise in number of consumers suffering from alcohol addiction has been a great concern for governments of different nations.
Thus, through the social media marketing strategy, the luxury wines and spirits market is expected to sight critical growth opportunity during the forecast period. Most key players in the luxury wines and spirits market strategize on promoting their products on various social media platforms. A significant increase has been witnessed in the number of netizens along with rise in internet penetration. Luxury brands have started to develop accurate social media strategies to engage tech-savvy young consumers in social media activities that seek greater value for money, more personalization, and integrated digital access. Moreover, the premium luxurious product market experienced considerable growth across most regions in 2019, driven primarily by robust consumption. Furthermore, dependency of these products at marriages, parties, and social gatherings is anticipated to drive the market in the coming years. The consumption of these products is often associated with occasions such as celebrations. Therefore, these beverages are increasingly becoming popular among middle-aged consumers, who are between 35 and 55 years of age.Īs the living standards of people have increased globally, the aspiration of customers to consume premium quality luxury products is also expected to grow. Owing to government regulations, these beverages cannot be consumed by people aged below 17 years of age in most countries. These products are generally consumed during occasions such as marriages, parties, social gatherings, and other celebrations.
The drinks currently offered in the market are wines and distilled spirits, which generally are of fine quality and premium priced. Luxury wines and spirits constitute alcoholic beverages having alcohol by volume (ABV) ranging from 3 to 40%. The global luxury wines and spirits market size was valued at $970 billion in 2019, and is anticipated to reach $1,411 billion by 2027, with a CAGR of 4.9% during the forecast period.
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