Spirits market up by 6 per cent

New research shows that the spirit market has increased by 6 per cent and is now worth £8.7 billion, according to hotel-industry.co.uk.

The statistics were taken from the 2013 First Drinks Annual Report. The annual report reviews current industry trends.

It found that spirits are becoming a key part of the drinks industry and are now outperforming beer and wine, both in on and off-trade channels. People were now happier to pay more for drinks in on-trade event spaces, such as a wedding reception venue, according to the report.

Results also showed that drinkers are looking for quality and innovation in their drinks, with 51 per cent of spirit drinkers on the hunt for new products and two-thirds of consumers saying they are willing to pay more for a unique service.

Premium spirits are now worth £475 million to on-trade venues, which is up by 25 per cent. Vodka is still the most popular on-trade spirit, taking 32 per cent of the market.

Talking about the report, Una McCullough, marketing director at First Drinks, told bighospitality.co.uk: “As austerity continues to bite, people are drinking on a less regular basis. Instead they are willing to trade up to more premium brands to satisfy a need for less but better drinking experiences.”