$1.7 trillion is a lot of dough.
Premiumization of spirits is projected to be the driver of revenue in the spirits category for the next decade. That’s good news for craft and emerging spirits brands who typically need to charge higher prices in order to make a profit.
Pricing is a complicated animal, but also one that could make or break your brand. If your 750 of craft whiskey costs $49.99, then it better taste just as good or better than what Buffalo Trace, Beam, or Jack can bottle at that same price point… Perhaps, some blind side-by-side taste comparisons by price point against your intended competitive shelf could be a great way to figure where you’re at?
And now, the news…