2024-09-22 19:27:43
New Delhi: The increase in the number of rich people in India has led to a rise in the sale of expensive liquor. There has been a double-digit increase in the sale of Scotch whisky and fine wine. This is more than the US and China. A Swiss researcher has given this information in his latest study. According to the study, India’s growing affluent class is promoting the increase in the sale of expensive liquor. Simon Joseph, senior luxury brand builder and consumer experience expert in Zurich, said, “One subcategory where India has overtaken China and is growing at twice the rate of the US in the five-year annual rate is Scotch luxury whisky.”
Double digit growth in sales of fine wines
According to Swiss researchers, sales of Scotch whisky and fine wine have recorded double-digit growth, far exceeding the rate of growth in consumption in the US and China.
Joseph, a researcher at the Glion Institute of Higher Education, said the luxury Scotch whisky market is also set to grow at an annual rate of 16 per cent until the end of 2024, according to various data forecasts.
Scotch whisky exports increased by 66%
Citing data from the UK-based Scotch Whisky Association (SWA), Joseph said exports of Scotch whisky to India are set to grow at an annual rate of 66 per cent by 2022, ahead of the US, China and other important markets. According to data from the UK-based SWA, the equivalent of 167 million bottles were exported to India in 2023, up 27 per cent from 2019.
“The US still leads in Scotch whisky consumption in terms of value; in terms of volume, India is now the biggest consumer, slightly ahead of France. Scotland remains the biggest exporter of Scotch whisky,” Joseph said.