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New IRI Beverage Alcohol Research Reveals Consumers Will Be Keeping the Party at HomeNew research from IRI®, which recently merged with The NPD Group, reveals elevated at-home beverage alcohol consumption is here to stay. Despite high inflation concerns, retail price increases for beverage alcohol remain more moderate than other CPG categories. IRI's 2022 Midyear Alcohol Update highlights that many consumers are opting to celebrate and socialize at home, especially given challenges in on-premise, driven by labor shortages, rising prices and reduced menus. Insights from the new report can enable retailers and manufacturers to make better merchandising and promotional activity decisions to enhance the shopper experience and drive growth and profitability. "Consumption trends continue to fluctuate with the impact of supply chain challenges and rising inflation, but opportunities for growth remain," said Scott Scanlon, executive vice president of the Beverage Alcohol Vertical, IRI. "This report provides an outlook on the state of the beverage alcohol industry and areas ripe for innovation. Consumers are looking o indulge and create entertaining experiences at home, and retailers should emphasize premium products and products with unique attributes in this space." Other key findings of IRI consumer research revealed:
Implications and opportunities for growth include:
Find the full report on IRI's website here. About IRI IRI unifies technology, analytics and data to reinvent how people and companies make decisions, take action and optimize performance. With the largest repository of purchase, media, social, causal and loyalty data, all integrated into an on-demand, cloud-based technology platform, IRI helps to guide its more than 5,000 clients around the world in their quests to capture market share, connect with consumers, collaborate with key constituents and deliver market-leading growth. For more information, visit www.iriworldwide.com.
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