Spirits - Equatorial Guinea

The Spirits market in Equatorial Guinea has been experiencing significant growth in recent years.

Customer preferences: Equatorial Guinea has seen a rise in the consumption of spirits, with a particular preference for whiskey and vodka. This can be attributed to a growing middle class and an increasing number of young professionals who are seeking to enjoy premium alcoholic beverages. Additionally, the influence of Western culture has also played a role in shaping customer preferences, as there is a growing interest in exploring different types of spirits and experimenting with cocktails.

Trends in the market: One of the key trends in the spirits market in Equatorial Guinea is the increasing demand for premium and imported spirits. This can be attributed to the rising disposable income and changing lifestyles of consumers. As consumers become more willing to spend on high-quality products, there has been a shift towards premium spirits brands that offer unique flavors and superior quality. Another trend in the market is the growing popularity of craft spirits. Consumers are becoming more interested in supporting local and artisanal products, and this has led to a rise in the production and consumption of craft spirits in Equatorial Guinea. Craft spirits are often perceived as being of higher quality and offering a more personalized and unique experience, which appeals to consumers who are looking for something different from mass-produced spirits.

Local special circumstances: Equatorial Guinea's spirits market is also influenced by local cultural and social factors. The country has a vibrant nightlife scene, with bars and clubs being popular social destinations. This has created a demand for spirits that can be enjoyed in social settings, such as cocktails and mixed drinks. Additionally, the country's warm climate and tropical environment also contribute to the popularity of spirits, as they are often seen as refreshing and suitable for outdoor gatherings and parties.

Underlying macroeconomic factors: The growth of the spirits market in Equatorial Guinea can be attributed to several macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has allowed consumers to indulge in luxury goods and experiences, including premium spirits. Furthermore, the government's efforts to promote tourism and attract foreign investment have also contributed to the growth of the spirits market. As the country becomes more connected to the global economy, there has been an influx of international visitors and expatriates, who bring with them their own preferences and demand for a wide range of spirits. In conclusion, the spirits market in Equatorial Guinea is experiencing growth due to changing customer preferences, including a preference for premium and imported spirits, as well as the increasing popularity of craft spirits. Local cultural and social factors, such as the vibrant nightlife scene and warm climate, also contribute to the market's growth. Additionally, underlying macroeconomic factors, such as economic growth and government initiatives, have created a favorable environment for the spirits market to thrive in Equatorial Guinea.

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.