Recent data analysis indicates a notable surge in cocktail consumption across the United States during the last quarter of the previous year. According to the figures, there was a 5% year-on-year increase in the value velocity of cocktails, accompanied by a 6% rise in the average number of cocktails sold per venue, totaling 1,192. Leading this trend is Nevada, notably home to the renowned casino hub Las Vegas, boasting sales of cocktails exceeding double the national average.
Furthermore, the average price of cocktails nationwide has experienced a notable uptick, rising by a dollar compared to the fourth quarter of 2022, reaching a new high of US$13. Among the varied cocktail offerings, the Mai Tai, a beloved classic of tiki bars, commanded the highest price on average.
In terms of consumer preferences, the Margarita maintains its stronghold as the top choice, constituting over a fifth of total cocktail sales, closely followed by the Martini and Moscow Mule.
The ascendancy of Tequila persists, with the agave-based spirit capturing 34.1% of cocktail base sales by value, marking a 1.8% increase year-on-year. In contrast, vodka’s market share experienced a slight decline of 1.3%, now standing at 28.2%. Notably, wine-based cocktails have surpassed those incorporating rum, witnessing a 1.2% increase to claim a 6.8% share.
Matthew Crompton, Regional Director for North America at CGA by NIQ, offered insights on the findings, stating, “Following a strong performance in the final quarter of last year, the cocktail sector is poised for continued growth throughout 2024. While enduring favorites like the Margarita persist, this dynamic market sees subtle yet significant shifts in consumer preferences.”
