Lifestyle: The growth of India’s affluent population has boosted sales of premium spirits, which are now higher than the US and China, as well as consumption of Scotch whisky, according to Swiss researchers. One of the subcategories where India has overtaken China and is growing at a 5-year compound annual growth rate is premium Scottish whisky. According to various data forecasts, the premium Scotch whisky market will grow at a CAGR of 16% by the end of 2024, said Joseph, a researcher at the Glion Institute of Higher Education. Citing data from the UK-based Scotch Whisky Association (SWA), Joseph said Scotch whisky exports to India will grow at a compound annual growth rate of 66 per cent by 2022, with the US, China and other key markets outperforming. According to SWA data, 167 million equivalent bottles will be exported to India in 2023, up 27% from 2019.
“Value-wise, the United States remains the leader in Scotch whisky consumption,” he said. Joseph helps companies in the luxury sector strengthen their brands and brand strategies for emerging and developed markets. He recently completed his Executive Master in Luxury Management at the Glion Institute of Higher Education (GIHE) in Montreux.
These findings were part of a paper titled “India is the next frontier for personal luxury,” which he presented during his teaching program.
