Spirits based Ready to Drink products are “also seeing strong growth,” according to Swonger, and “that’s adding to our sector’s gains as well.”
While the spirits sector has remained resilient during the pandemic, the uneven economic impacts of COVID-19 remain for certain segments of the US hospitality industry. Restaurants showed signs of roaring back during the first half of the year, but sales stalled in the second half with the new spike in COVID cases, staff shortages and supply chain disruptions.
LoCascio also noted that Tequila was a principal driver of revenue growth in premium spirits, accounting for nearly one-third of the total increase in sales:
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