Bourbon's boom and now bust? 🥃
After decades of popularity and explosive growth (certainly among celebs), the bourbon industry is now facing a historic slowdown, with smaller distilleries filing for bankruptcy and even larger brands such as Brown-Forman struggling in sales across the recent months.
Whether this is off the back of skyrocketing ingredient prices, an oversaturated market or US politics, it’s clear that the industry must adapt to evolve with the changing culture - with more than 14 million barrels aging in warehouses while demand declines.
Once a symbolic drink of wealth and luxury, with a rich American heritage and Hollywood legacy, bourbon can be enjoyed in numerous ways, from sipping it neat or on the rocks (Ã la Jack Torrance) to using it in classic cocktails like an Old Fashioned or Manhattan.
It’s becoming more and more clear the industry needs a revamp in strategy, in line with the shifting consumer behaviours of Gen Z and Millennials, who are continuously zebra striping between alcoholic and non-alcoholic drinks, leaning more towards indulgent drinks which focus on wellness - the old playbook just won’t cut it when there are so many options available on the market.
To stay relevant, bourbon brands must take action and innovate, embracing the curation of lower ABV or more mindful drinking options, or even tapping into the neo-hedonism desire for adventure through gourmet tourism.
As the scales topple for bourbon sales, our eyes will be on the brands adventurous enough to take advantage of this colossal shift in the premium drinks market.