Spirits - Central & Western Europe

The Spirits market in Central & Western Europe is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors are all contributing to this positive trend. Customer preferences in Central & Western Europe are shifting towards premium and craft spirits. Consumers are becoming more discerning and are willing to pay a premium for high-quality and unique spirits. This trend is driven by the desire for a more sophisticated drinking experience and the increasing popularity of cocktail culture. As a result, there is a growing demand for premium spirits such as single malt whiskies, artisanal gins, and craft vodkas. Trends in the market reflect the changing consumer preferences. Craft distilleries are popping up across the region, offering a wide range of unique and small-batch spirits. These distilleries often focus on using locally sourced ingredients and traditional production methods, appealing to consumers' desire for authenticity and provenance. Additionally, there is a growing interest in flavored spirits, with an emphasis on natural and botanical ingredients. Local special circumstances also play a role in the development of the Spirits market in Central & Western Europe. Many countries in the region have a strong cultural heritage and tradition of spirit production. For example, Scotland is renowned for its whisky production, while France is known for its cognac and brandy. These local specialities have a loyal customer base and contribute to the overall growth of the market. Underlying macroeconomic factors are also driving the development of the Spirits market in Central & Western Europe. The region has experienced economic growth in recent years, leading to an increase in disposable income. As a result, consumers have more money to spend on luxury goods, including premium spirits. Additionally, the region has a well-established tourism industry, attracting visitors from around the world who are eager to experience the local spirits and bring them back as souvenirs. In conclusion, the Spirits market in Central & Western Europe is thriving due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. As consumers become more discerning and willing to pay a premium for high-quality spirits, craft distilleries are flourishing and offering unique and small-batch products. The region's cultural heritage and tradition of spirit production also contribute to the growth of the market. Finally, the region's economic growth and thriving tourism industry provide a favorable environment for the Spirits market to thrive.

Data coverage:
The data encompasses B2C enterprises. The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.

Modeling approach:
Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending (e.g. consumer spending on alcoholic beverages, consumer spending at Hotels, Restaurants etc.), and price level index. This data helps us estimate the market size for each country individually.

Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Alcoholic Drinks market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.