Wednesday, 18 October 2023

China: Forecasts for alcohol consumption in 2024

Written by Redazione

Chinese consumers’ alcohol beverage preferences, much like those of their peers elsewhere, are changing.

Although IWSR predicts that alcohol consumption in China will fall by 0.4% annually from 2022 – 2027, it expects that rising interest among Chinese consumers in ultra-premium, higher-priced beverages (including beer, sparkling wines, and whiskies) will cause the value of that market to increase by $41.7 billion during those years. Strong interest in sustainable wines and imported wine options were also predicted.

Notably, single malt Scotch whisky has grown strongly, with an increasing number of consumers opting for it on a regular basis. According to IWSR, half of single malt enthusiasts are now consuming the drink more frequently, and four out of every 10 express willingness to spend more on each bottle.

Shirley Zhu, research director for Greater China at IWSR, highlights the evolving preferences of Chinese consumers, who are becoming more sophisticated and discerning, seeking higher-quality beverage alcohol products. 

In response to evolving consumer preferences, businesses in the industry have been doubling down on digitization. Additionally, international spirits and wines groups are also getting closer to local consumers. 

More information here: https://jingdaily.com/adapting-to-changing-chinese-tastes-strategies-for-success-in-the-alcohol-industry/

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