50% of Brits say cost-of-living crisis will stop them buying alcohol
Almost half of consumers are set to cut their alcohol consumption in 2023, according to a new research survey.
The findings, gathered by British drinks company Gunner Cocktails, revealed that half of British consumers will cut their spending on alcohol, representing a potentially challenging blow to the UK’s drink sector.
To avoid further crisis, the findings also identified four key trends which, if capitalised upon, could help struggling venues and drinks retailers – serving more British brands, serving ready-to-drink cocktails, showcasing natural ingredients and offering a good range of low- and no-alcohol drinks.
The survey findings showed that 61% of consumers prefer buying British products; 45% of consumers believe hospitality venues need to serve more RTD cocktails; 48% of consumers are in hunt of drinks with natural ingredients; 40% of consumers feel let down by the lack of free/low-alcohol alternatives.
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 NoLo market which is set to be a hotbed for innovation and creativity in the coming year. 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.”
Respondents also indicated that they would be buying more premium products this year, with over half of consumers (52%) believing that they will drink more premium alcoholic drinks in 2023.