Singapore's alcohol industry ranked 10th most attractive in Asia
The country’s alcohol spend per capita is set to increase by 2.7% per annum from 2019-2023.
Singapore ranked 10th with the most attractive alcoholic drink industry in Q1 2020, moving four places up from Q4, said a report by Fitch Solutions. The country scored 54.1 out of 100.
South Korea bagged the top spot with an index score of 65.8, whilst China followed with 64.8.
Singapore showed the most improvement in the Industry Rewards pillar - which measures alcohol consumption per capita, alcohol growth over the next five years and total alcohol consumption - where its score rose from 28.4 in Q4 2019 to 32.3 in Q1 2020.
Over the period of 2019-2023, alcohol consumption per capita is projected to grow by an annual average of 2.4, said the report.
The demand for premium drink offerings in the country is also seeing growth, where consumers are showing more willingness to spend within the sector. Fitch projects that alcohol spend per capita is tipped to grow 2.7% per annum in 2019-2023.
Singapore’s score for the mass affluent class registered as one of the highest in Asia at 90.5, and players in the alcohol sector are steadily adapting to this trend, Fitch noted. In 2018, Diageo launched the Johnnie Walker invite-only suite experience, whilst in 2019, Singapore Airlines unveiled 47 new burgundy wines.