India's Affluent Surge: A Toast to Luxury Spirits Market

India's growing affluent class is driving a notable increase in high-end spirits consumption, particularly Scotch whisky and fine wines. Research highlights India outpacing the US and China in terms of growth, with Scotch whisky exports to India rising at a 66% CAGR. The trend is attributed to an expanding economy and increasing high-net-worth individuals.

India's rising affluent class is fueling a significant surge in the consumption of high-end spirits, notably Scotch whisky and fine wines, registering double-digit growth rates that surpass those of the US and China, according to a Switzerland-based researcher.

'One subcategory where India exceeds China and is growing at double the rate of the USA over a five-year CAGR is Scotch luxury whisky,' said Simon Joseph, a senior luxury brand builder and consumer experience expert based in Zurich.

Joseph, associated with Glion Institute of Higher Education, noted that luxury Scotch whisky market forecasts indicate a 16% CAGR growth up to 2024. Scotch whisky exports to India grew at a staggering 66% annual rate up to 2022, outpacing the US, China, and other significant markets, Joseph added, citing data from the UK-based Scotch Whisky Association.

(With inputs from agencies.)