It’s Time to Get on Trend
Posted on Fri 21st Nov 2014 at 13:45
A recent report in Harpers magazine highlights an interesting phenomenon: the drinks industry now experiences trend cycles on the same level as other luxury lifestyle industries.
As Spiros Malandrakis, senior alcoholic drinks analyst at Euromonitor, is quoted as saying, the cycles are also driven by the same factors. 'The drivers of change are aspirational and start with symbolism and the semiotics of style'. In other words, people change what they drink to make statements about their position in society – whether that be choosing the latest boutique spirit or selecting wines from a particular country. The article gives numerous examples of factors that have affected sales in the drinks industry, ranging from David Beckham’s entry into the whisky market with Haig, to the rise in demand for classic cocktails created by the popular TV series Mad Men.
So what does this mean for your company? Essentially, there are two options for business growth: be a trend setter or a trend follower. The former is, obviously, the more difficult of the two, but it has the potential for greater rewards – introduce your customers to drinks that are ‘ahead’ of the trend and they will come to both rely on and champion your company. You could, for example, stock wines from lesser-known companies, or scour drinks industry events for the latest spirits. The easier option is to pay close attention to trends as they develop and ensure you stock whatever comes into favour. Building good relationships with wine importers and wine wholesalers like Signature Wines is a great way to ensure you can get stock fast!