Americans feel better about the economy and they’re buying more premium-priced spirits to celebrate.
The Distilled Spirits Council of the United States on Monday reported increased revenue, volume and record exports in 2011.
Revenue and volume have returned to pre-recession levels, driven by an improving economy, consumer confidence and product innovation, the council said in its annual industry review for Wall Street analysts.
“These results show that the hospitality industry is helping drive the national recovery and job creation, but it remains critical that legislators don’t derail future economic growth through higher taxes,” said Cressy.
Distillers produced 195.8 million 9-liter cases of spirits last year, a 2.7 percent increase from 2010. Revenue rose 4 percent to $19.9 billion and exports are expected to reach a new high of $1.34 billion, a 16.5 percent increase from the prioer year, the council said.
Volume of super premium and high-end spirits increased 8.9 percent and 5.3 percent, respectively. The bourbon and Tennessee Whiskey segment did even better, with super premium and high-end volume growing 15.4 percent and 5.6 percent.
Growth in whiskey sales is good news for Jack Daniel’s Tennessee Whiskey in Lynchburg, Tenn.
Among other interesting details in the council’s report, Russia really likes U.S. spirits. Russia imported more than $60 billion worth of U.S. spirits in 2011, up from about $10 billion in 2004.
Click here for the council’s complete report.