How Kentucky bourbon went from boom to bust
Summary
Kentucky bourbon, a popular American whiskey, experienced strong growth after the 2008 recession but is now facing challenges due to the pandemic's impact, inflation, and trade tariffs. Sales growth has slowed, partly because younger people are drinking less. Trade disputes have also affected international sales, particularly in Europe and Canada.Key Facts
- Kentucky bourbon sales increased significantly after the 2008 recession but have recently slowed.
- Bourbon, made primarily from corn and aged in barrels, became officially recognized as a unique American product in 1964.
- Bourbon sales saw a worldwide growth of 7% between 2011-2020.
- Trade tariffs and retaliatory measures have negatively impacted bourbon exports, particularly to the EU and Canada.
- The pandemic reduced bar sales, and inflation has encouraged consumers to seek cheaper alternatives.
- Generation Z, more than previous generations, tends to drink less, affecting alcohol sales.
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