The Evolution of the Spirits Market over the Last Decade

Abstract

As the growing economy and a global awareness of more eco-responsible and ethical consumption demonstrated a shift in the landscape of the spirits market. Covid-19 has been shaking up that market. This investigation aims to study the impact of Covid-19 on major trends in the spirits market based on the opinions of experts in the Nordic spirits market. We used an inductive approach and used a mono method to collect data. To this end, an interview with open-ended questions was conducted. Respondents were aware that the Covid-19 has had a major impact on their market. All respondents showed that the strategies implemented by their companies had to adapt to the changes in consumption habits in the Nordic countries linked to the Covid-19 crisis. Overall, respondents confirmed that Covid-19 has disrupted the spirits market and that significant changes in individual consumption patterns have occurred, accelerating two of the three major trends in this market in Nordic countries. The trends of premiumization and digitalization have accelerated in an already well-established momentum, while the environmental and ethical trends continue to thrive.