High-End Liquor Helps U.S. Economy as Grey Goose Soars

on 24/01/11 at 10:49 am

Industry

The American drinker is once again feeling rich enough to spend on expensive spirits like Grey Goose vodka and Woodford Reserve, the Distilled Spirits Council of the U.S. said.

Manufacturer sales to wholesalers of so-called super premium spirits grew 11 percent to $3.1 billion in 2010 after falling 4.1 percent the previous year, the council said today at its annual presentation in New York. Total spirits sales by suppliers rose 2.3 percent to $19.2 billion.

Sales higher-end liquor is further evidence that wealthy Americans, emboldened by stock-market gains, are helping boost the U.S. economy. The Standard & Poor’s 500 Index has soared 91 percent from its March 2009 low, even as the U.S. struggles with the longest stretch of unemployment rates above 9 percent since monthly records began in 1948.

{Full story via Bloomberg}

Enhanced by Zemanta