Celebrating and socialising at home is showing no signs of waning, despite the end of lockdowns, according to new research from IRI.
In fact, the data analytics specialist has reported an increase in at-home consumption of alcohol, because of rising prices and supply chain challenges.
“Consumption trends continue to fluctuate with the impact of supply chain challenges and rising inflation, but opportunities for growth remain,” Scott Scanlon, Executive Vice-President of IRI’s Beverage Alcohol Vertical, said.
“Consumers are looking to indulge and create entertaining experiences at home, and retailers should emphasise premium products and products with unique attributes in this space.”
In the meantime, demand for better-for-you products has also increased, along with the desire to create positive moments.
The research also found people are continuing to drink across multiple categories, meaning that if this trend continues, the combination of beer, wine and spirits consumers is expected to increase to 30% within one to three years.
What’s more, ready-to-drink spirits are taking off, with a pattern similar to sparkling water, cold-brew coffee and sports drinks.
“The economy is consumers’ dominant issue, and beverage alcohol companies should promote their relative price stability and offer ways for consumers to save even more,” the report added.
“Ready-to-drink cocktails are a growth opportunity, but brands need to have a point of differentiation. Consider premium, value, interesting flavour combinations and better-for-you attributes.”
