It’s been quite a year for at-home drinkers. BEA data shows that alcohol sales at home have surged, with all categories up mid-double digits annualized YTD through October. While alcohol sales at restaurants and bars are down 14% YTD, consumers have been making up for it by quaffing vast quantities at home. Spirits sales are up 22.5%, wine sales are up 19.8%, and beer is up 17.7% (all annualized, YTD). This analysis was first published last night in Bespoke’s end-of-day note, The Closer. Click here to start a free trial to Bespoke Institutional and receive our daily Morning Lineup for the next two weeks, featuring more commentary and data on macro markets.
Typically, American spending on alcohol outside the home is almost 45% of total, but this year it’s in the mid-30% range thanks to COVID. Another notable shift is the preference for sprits: they’re at the joint-highest share of at-home alcohol spend in recent memory. Wine share of spend hasn’t moved that much, while take-home beer spending hit a new low this year as Americans favor the harder stuff or grape juice over brews.