Women are gaining economic power and influence, moving outside of traditional domestic roles, and becoming more socially active and engaged in convivial activities.
They’re better educated too. Since 2015, completion rates of girls increased from 54% to 61% in upper secondary education, from 74% to 79% in lower secondary education and from 86% to 89% in primary education(3), and it’s no coincidence that women today make up a greater proportion of both Fortune 500 CEOs(4) and seats in national parliaments(5).
They’re making more of their own money. Women’s wealth globally is expected to reach $97 trillion this year - up from $58 trillion just eight years ago(6). Among women, higher earners are more likely to drink more - 19% say they drink alcohol at least once a week, versus 11% from low- and medium-income households(7).
As a result, women are increasingly redefining drinking occasions - and they’re driving growth in categories previously associated with men. Whiskey, for example, is no longer considered “a man’s drink”. Women represented 30% of drinkers in US in 2021(8) - up from 15% in the 1990s.
Premiumisation is an enduring and powerful trend. People want to enhance their quality of life and enjoy authentic brands that are true to their heritage and savoir-faire, which is fully aligned with Pernod Ricard’s offering. The popularity of premium drinks can be linked to the trends outlined here: the increasing number of both middle class and high-net-worth individuals, female empowerment, and the desire for self-expression and social status.
In China, for example, a market where premium-and-above wines and spirits have evolved from 5% share of the total wine and spirits market to 16%(9) in the past decade, 77% of consumers agree that purchasing premium alcoholic drinks can reflect one’s social status(10). In the US, 50% think the type of alcohol you drink says a lot about you(10).
Premiumisation is also linked to the desire to drink less … but better. 31% of US consumers prefer quality drinks over quantity(11), while 35% of Chinese consumers indicated that they would opt for higher quality alcoholic drinks instead of larger quantities in order to limit their alcohol consumption(11). And globally, consumers are also opting for quality over quantity.
Global luxury consumers planned to spend 29% more on luxury liquors, champagne and prestige wine in 2023 compared to 2022(12).
As a result, the international value of premium spirits is growing at a faster pace than the global spirits market.
The international premium + spirits market grew at an average annual rate of +7.0% over the last 10 years(13), when the total spirits market and the alcoholic beverage market grew respectively by +5.7% and +4.4% in Euro value (constant FY23 rates).
