A rapid recovery is expected in alcohol industry

Despite the challenges that the global economy and society still face from the COVID-19 pandemic, leading Euromonitor analyst Spiros Malandrakis predicts that we are about to see a rapid recovery in the alcohol industry, and in the coming years we can expect people to want to have fun and celebrate after the lockdown period.

Spiros Malandrakis, head of research – alcoholic drinks, Euromonitor International, told The Spirits Business portal that the alcohol industry does not need to worry about a rebound after the pandemic months. The leading agency analysing the alcohol market, IWSR, predicts that it may take the industry to return to pre-pandemic levels by 2024. However, Malandrakis predicts that the recovery of trade will take place even earlier, pointing rather to the end of next year or the beginning of 2023.

According to an expert, after months of blockades, people will be hungry for celebration and meetings with friends, which will result in a "party era" comparable to the "roaring 20s" in the previous century.

- ‘In my mind, it’s not a coincidence sociologically that in the months and years that followed [with the Spanish flu that ended in 1920] , we had years of cabaret culture in Berlin, one of the most hedonistic eras, the whole ‘Great Gatsby’ era. All around the planet, people woke up, got out of bunkers, and had the best time of their lives for 10 years This is going to be a Game of Thrones winter, we cannot brush that away. Craft [spirits] will be decimated, the on-trade will be decimated, there will be many casualties. But I increasingly think we might see significant bounce back, which, regardless of the economy, in terms of volume growth, new on-trade establishment ideas, after all of this we will see something similar to the 1920s, rather than just a revisit to 2019.’ – said head of research – alcoholic drinks, Euromonitor International.

Source: www.thespiritsbusiness.com