The company's analysts suggested the decline is an expected result following a strong performance in January 2023, with more positive results expected for the rest of 2024. Total wines and spirits decreased by 5.9 percent in the same period (January 2023 – 2024) and 7.1 percent in the last three months. Spirits fared better than wine, falling 5 percent in the last three months, compared to 9 percent for wine.
Although hospitality sales fell 2.1 percent compared to the previous year, cocktails and tequila grew 29 percent and 2.1 percent respectively. The firm expects to see stabilization in the next two months, thanks to an extra shipping day due to the leap year and favorable comparisons with March 2023. Last month, a SipSource report stated that demand for premium beverages was stagnant, which will lead to losses at the end of the year for both wine and spirits.
