(Australian Associated Press)
Australians are predicted to continue spending more on booze despite consumption levels decreasing as new analysis suggests a shift away from beer.
Per capita spending is forecast to grow by 2.8 per cent annually between 2021 to 2025, despite individual consumption declining by an annual rate of 1.2 per cent, analysis by Fitch Solutions says.
The trend indicates consumers are “trading up” from high-volume/low-value drinks such as beer for more expensive competitors such as wine and spirits.
The average spend is predicted to grow from $974 per person in 2021 to $1116 in 2025, while consumption drops from 106.3 litres to 101.4 litres over the same time.
Beer is still predicted to lead the pack in total consumption figures (66 per cent) in 2025, with wine and spirits collectively making up just under 34 per cent.
This equates to an increase of just under one percentage point for vino and hard liquor combined, as ales and lagers drop as a result.
Previous analysis has shown a surge in sales of alcohol-free variants as zero per cent options of beer, wine and spirits flood the market.
The research comes as many Australians aiming to complete Dry July tick off their first alcohol-free week.
“Quitting alcohol for even a month can bring about plenty of positive health benefits in the short term, including improvements to your sleep; providing opportunities to increase healthy activities, and providing an opportunity to look objectively at the role of alcohol in your life,” Sunshine Coast Health Service Director of Psychology Richard Spence-Thomas said.
“Laying off the booze can also improve your liver function, and even save you money.”
We encourage all of our clients and colleagues to Like and Follow us on Facebook as we will be posting exclusive content including business updates throughout 2021.