A survey has revealed that 50% of respondents are looking to cut down on their alcohol consumption in 2023 due to the cost-of-living crisis.
Consumer spending on alcohol is ‘set to decrease dramatically’, according to UK-based drinks company Gunner Cocktails’ Consumer Drinks Wishlist survey, which heard from 262 UK-based respondents.
The brand’s latest research revealed the ‘mounting’ cost-of-living crisis was having an impact on how much consumers were willing to spend on alcohol. Furthermore, the results show a rising switch to non-alcoholic drinks.
Dannie McDonald, managing director of Gunner Cocktails, said: “With our survey revealing that half of consumers will be cutting back their spending on alcoholic drinks in 2023, it is vital that British drinks brands look to capitalise on the growing no-and-low market, which is set to be a hotbed for innovation and creativity in the coming year.”
Forty per cent of respondents also admitted to feeling ‘let down’ due to the ‘lack’ of alcohol-free and low-ABV drinks.
Additionally, the survey also revealed that 61% of consumers prefer buying British products, and that this was important to them.
McDonald continued: “Our survey also confirms that buying British not only offers a vital lifeline to industries already facing a difficult economic situation, but that it can help grow a brand’s consumer base by attracting a new segment of consumers conscious about the brands they associate with.”
Plus, more than 45% of respondents also believed that more hospitality venues should serve ready-to-drink (RTD) cocktails, according to Gunner Cocktails.
In 2022, India-based business management consultant Insight Ace Analytic released a market research report that claimed the RTD market is forecast to grow by 11.2% between 2022 and 2030.
“Whilst many predict a difficult start to 2023 for the UK’s drinks industry, our survey has created a roadmap for British drinks brands looking to increase their market share and curate the drinks which consumers are thirsty for this year,” said Giles Fuchs, founder of Gunner Cocktails.
“What stood out in our survey is the large swathes of consumers which are thinking more about were their products come from.”
In November 2022, Gunner Cocktails predicted it would see 500% year-on-year growth with the launch of its latest product, Gunner Rum Sinner.
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Author: Alice Brooker