Press release -
BRICs luxury alcohol market to be the runner-up behind the US
The BRICs luxury alcohol market has been forecast to grow by 85% in real value terms over 2012-2017, and by contrast, by only 13% in developed markets.
Sales of luxury alcohol are growing in the BRICs, as both disposable incomes and alcohol consumption increase. But while the developed countries have similar consumption drivers, this is not the case in the BRICs.
Acknowledging cultural diversities and accumulating local knowledge will be crucial for the successful navigation through these markets. Increasing sales will be complicated and will require de-centralised management and resourcing.
For the luxury alcohol industry, three BRIC countries will be the runner-ups after the US in terms of absolute value growth in luxury alcohol, with India and China predicted to record the highest compound annual growth rates (CAGR) over 2012-2017.
Although India stands out in terms of growth with a 25% forecast CAGR for the period 2012-2017, sales are expected to grow by less than US$44 million, as the consumer base remains relatively small and has lower purchasing power.
By 2016, the richest 10% of households in India are expected to have an average annual disposable income of US$26,329 (in constant terms, compared to S$59,378 in China and US$124,543 in Brazil.
For more information on the BRICs luxury alcohol market, see the latest research: BRICs Luxury Alcohol Market
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