The year 2024 is expected to be a challenging year for spirits, in light of ongoing uncertainty over the country’s economic performance and the effects of cost of living increases on household budgets. After the strong price increases seen in 2022-23, the new tax of 10% on alcoholic drinks is set to have further impact on price with volumes expected to decline.
Spirits is expected to witness declining volume sales in the forecast period, as government and health entities continue to invest in preventing new generations from drinking with negative publicity around alcohol consumption. Consumers are increasingly concerned about their health, and this is set to lead to more conscious and mindful drinking patterns in Portugal.
A new generation of consumers that are highly digital and more individualist, with different values and priorities, will create additional challenges for alcoholic drinks categories but especially spirits. The investment made by multinational companies in finding beverages that suit both flavour, experience and the values of younger generations will be key to growing sales in spirits over the coming years.
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Understand the latest market trends and future growth opportunities for the Spirits industry in Portugal with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Spirits
This is the aggregation of whisk(e)y, brandy and Cognac, white spirits, rum, tequila, liqueurs and other spirits.
See All of Our DefinitionsThis report originates from Passport, our Spirits research and analysis database.
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