The increase in alcohol consumption and the decline of top-shelf alcohol sales
Alcohol sales overall are increasing but luxury liquor brands are feeling the wrath of the economy. Not even celebrity promoters such as P. Diddy or highly popular songs such as “Blame It (On the Alcohol)” by Jamie Foxx can help the declining sales of highly popular top-shelf alcohol brands such as Ciroc, Grey Goose, Patron and Hennessey. Despite the celebrity status that is associated with these products, even for those who crave social outings and a good time, in a recession it just isn’t economical. Those who have turned away from the more expensive brands have turned to lower priced alcohol to get more product at cheaper.
According to recent stats, the sale of Grey Goose is down 5.1 percent while the sale of cheap tequila is up more than 20 percent. Instead of following the lead of celebrities, Americans are making their own decisions and this means they are buying lower priced brands such as Papov, McCormicks, Smirnoff, and Jose Cuervo. The hit single “Money to Blow,” featuring Drake couldn’t be further from the truth when it comes to buying alcohol in today’s economy.
As the economy falters and it becomes harder to relate to celebrities bragging about spending lots of money on alcohol, the celebrity endorsed advertisements and commercials have declined. Consumers are buying alcohol without all of the marketing gimmicks and glamour that manufactures previously invested so much advertising into. Instead alcohol powerhouses such as Bicardi that produces Grey Goose and Diageo that produces Kettle One and Ciroc, will be depending more on the success of their “cheap” brands such as Bicardi and Popov.
What this translates into is that until the economy improves, the only people drinking top-of the line alcohol might be those celebrities getting paid to do so In the mean time most Americans will drink economically and maybe new music will reflect their new drinks of choice and a trend they started.
“Liquor lovers sip more for less” by Emily Fredrix, AP