Booze deliveries, empty wine shelves and cocktails on the go – these are some of the usual sights during the past few months. But while it might seem like the drinking and alcohol industry is doing pretty all right during the COVID-19 pandemic, a recent research shows otherwise.
Turns out that people are actually drinking less.
According to Bloomberg, there is indeed an increase in people buying more alcohol from grocers and liquor stores to drink at home – but that hasn’t been enough to fill the wide gap created by declines in shipments to restaurants, bars, sporting venues and so forth that had to cease operations to slow the virus spread.
And as if that isn’t worrying enough, global alcohol consumption isn’t expected to return to pre-COVID-19 levels until 2024. Plus, the U.S. recovery will take even longer, according to market research body, IWSR.
“The pandemic is set to cause a deeper and more long-lasting after-effect to the global drinks industry than anything we’ve experienced before,” said Mark Meek, Chief Executive Officer of IWSR Drinks Market Analysis, one of the leading authority’s on the alcohol market. “In many ways, 2019 was perhaps the last normal’ year for the drinks industry.”
So, for those who can, perhaps a visit to your favourite bar or restaurant is long overdue. Drink on, be safe, and help preserve an industry.
Source: Bloomberg
