Research from the independent business analyst has found that one of the reasons Irish whiskey remains strong within the spirits market is its popularity in the US and its ability to break through the age barrier and appeal to a younger audience, unlike the whisky market as a whole.
As a result, Irish whiskey is predicted to grow at a rate of 9.4% year on year over five years to 2014 in the US, compared to just 2% for the overall whisky market and 0.2% for Scotch whisky.
“Irish whiskey has successfully set itself apart from the general market, which has traditionally been dominated by older drinkers,” says Vicky McCrorie, analyst at Datamonitor. “In fact, our research has revealed that in the US within the spirits market as a whole, 41% of whisky drinkers are over 55 compared to only 4% who are in the youngest age category.
“Irish whiskey has broken the mould by appealing to younger drinkers with its smooth taste and image as a prestigious and affordable European drink. While Scotch shares the same European heritage, it has appeared to fail to break through to the younger demographic in the US in part due to cost, resulting in a far weaker predicted growth than its Irish counterpart.”
Irish whiskey has successfully appealed to ‘pre-committal’ young men who Datamonitor has revealed as continuing to spend throughout the recession and being more adventurous in trying new brands.
As a result of the popularity of the drink, Datamonitor has recorded the launch of five new products in the first four months of 2010, despite the recession.
One brand taking advantage of the popularity of the Irish tipple in the US is Jameson which is the bestselling Irish whiskey in the world, and like the Irish whiskey market as a whole, has been largely unaffected by the recession.
The brand has led a strong marketing and advertising campaign to ensure it appeals to a young audience. This has involved an annual comedy tour, dynamic media projections that create a buzz, as well as a TV advert shown on stations popular with young men.
“Irish whiskey is an example of a European brand trading on the fact that it’s different to what’s already on offer in an established market like the US,” says McCrorie. “It has therefore become recession-proof. Jameson has succeeded by identifying a market and spotting a demographic where there’s potential for growth. As a result, its sales have weathered the financial storm and will continue to grow as the global economy recovers.”
Source: Datamonitor
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