Recession has consumers buying cheaper booze or just drinking less?
on 27/10/10 at 10:36 pmIndustry
Consumers spent less on alcohol during the recent recession, but it’s not clear whether they were drinking less or just buying cheaper booze.
Regardless, it has meant lower profits for businesses that rely on alcohol sales, such as liquor stores and bars.
U.S. alcohol spending dropped 1.7 percent during the recession, according to the report by California Board of Equalization Chief Economist Joe Fitz. (For context, alcohol spending grew 2.4 percent during the 12 months before the recession began.)