Australia's Liquor Industry Faces Downward Trend

  • 📰 smh
  • ⏱ Reading Time:
  • 42 sec. here
  • 7 min. at publisher
  • 📊 Quality Score:
  • News: 37%
  • Publisher: 80%

Business News

CONSUMER SPENDING,LIQUOR INDUSTRY,AUSTRALIA

Despite Australia's high per capita wealth and historical alcohol spending, the liquor industry is experiencing a decline in sales. Factors contributing to this trend include changing consumer attitudes, particularly among younger generations who are opting to spend their money elsewhere.

On a scorching Boxing Day in Melbourne’s inner-city, Andrew Crompton is busy inside his store Act of Wine, meticulously placing bottles of prosecco and Yarra Valley pinot noir on display shelves.

Australia is one of the world’s wealthiest countries per capita and traditionally has one of the highest-spending on alcohol per capita. Bottle shops around the country thrived during According to data from the Australian Institute of Health and Welfare , young people are drinking less and also driving a long-term increase in abstaining from alcohol. From 2007 to 2022–2023, the proportion of people aged 18-24 who abstained from alcohol increased from 13.1 per cent to 23 per cent.

Meanwhile, he said older generations were more inclined to purchase Australian sparkling and champagne to ring in the New Year. Crompton’s said his Southbank store was currently across from a construction zone and was being impacted by road closures, concluding his experience compared to other liquor stores may be “more pronounced”.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in ZA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Liquor industry faces hangover as young toast New Year alcohol-freeThe Australian liquor industry, which has weathered a tough 2024, faces a future where the young increasingly abstain.
Source: theage - 🏆 8. / 77 Read more »

Google Faces Class Action Lawsuits in Australia Over Dominance in Digital Advertising MarketTwo Australian law firms are leading proposed class actions against Google, alleging it has engaged in anticompetitive behavior within the digital advertising market, taking billions in revenue from publishers and advertisers.
Source: theage - 🏆 8. / 77 Read more »