Beam Suntory said its 2021 sales rose 11%, fueled by the company's shift to high-end spirits.
In addition to pricier liquor, the company is also expanding its offering of ready-to-drink products. It's all part of Beam Suntory's strategy to shift to higher-end spirits. It's paying off for the company, which saw sales rise 11% in 2021. And as customers pay more for their spirits, they're less sensitive to price hikes to offset inflation.
One success story for the company's high-end strategy is its Bowmore Scotch whisky, which saw its volume climb 16% and its sales soar about 50%. To raise its prestige, the brand has partnered with luxury automaker Aston Martin on several occasions, including launching one of the rarest single malt whiskies together in 2020. A bottle of Bowmore sold for a record $532,340 atauction in December, demonstrating the perceived value for a rare whisky from the brand.