US spirits buying boosts drinks companies
1st February, 2021
by
db_staff
God Bless America, Land That I Love. That is surely the song drinks company chief executives would take to their desert island after buoyant consumption in the United States enabled them to produce startling results for the final months of 2020.
Diageo, Rémy Cointreau and LVMH all issued figures last week that both surprised and cheered investors. And all made much of dynamic trading in the past few months despite bars and restaurants being locked down in the face of coronavirus.
As reported by
the drinks business, sales through restaurants in the US fell by 44% last year. But Uncle Sam’s consumption is heavily slewed to the ‘off’ sector, which accounts for 80% of sales. That more than made up the on-trade deficit with an 18% rise.