Booze exports hit £9.4bn as young and successful reach for top shelf British whiskey
UK exports in whiskey and gin grew 13 per cent last year to £9.4bn, as young professionals with pennies to spare reach for top shelf brands to show off “status and success”.
According to a new study by Hazlewoods, chartered accountants and business advisers, the dark liquor drink is the UK’s single biggest food and drink export by value.
Rebecca Copping, associate partner at Hazlewoods, said despite volatility in the economy and high interest rates around much of the globe, consumer spending on luxury goods has “held up well”.
Copping said that British heritage brands have successfully placed themselves as a luxury in the international drinks market.
“A large chunk of this success is due to young, wealthy consumers purchasing quality drinks brands that signify status and success,” she added.
Additionally, the firm said that exports to nations like India and Singapore have increased sharply in the last year.
In 2022, India became the Scotch Whisky industry’s largest global market by volume, which comes as wealthier Indian consumers are attracted to Scotch Whisky’s “premium image”.
Whisky is the UK’s single biggest food and drink export by value, and the industry is aiming to add another £1bn of exports over the next five years, figures by the Scottish Whiskey Association suggest.
But Hazelwood said this growth will “depend heavily” on a UK-India free trade agreement that addresses the 150 per cent tariff on imports of Scotch Whisky into India, making it markedly more expensive than Indian whiskies.
Copping added: “While whisky is playing a huge role in the export increase, this is also a success story for UK drinks brands that focus on gin and other spirits.
“It’s the heritage image and luxury branding that draws in a lot of consumers, especially those in growing markets like India and Singapore.”