Alcohol sales are popping as people stockpile booze (but non-essentials are losing out)
It’s a hard (drinks) life, for us... Alcoholic beverage sales are booming as people hoard to drink away their corona-induced worries. FYI: The World Health Org wants us to know that alcohol is an "unhelpful coping strategy" for this pandemic. Sounds like no one was listening:
- Alcohol sales in the US soared 55% during the 3rd week of March (compared to the same week a year ago). Pennsylvanians especially scrambled to stock up after the state closed its liquor stores (some even make the trek to Delaware).
- Sales of ready-made cocktails spiked 106% in the same week, taking the keg for most in-demand alcoholic beverages (think hard lemonade, canned Vodka Spritz).
Surprisingly, beer sales also jumped... The foamy classic has been losing shelf space in American fridges for years now. But sales of 24 and 30-packs of mainstream brews like Bud Light soared around 90% compared to last year.
- Analysts say craft beers won't be so lucky — roughly 70% of craft beer sales come from taprooms/bars (which were almost all forced to close).
- No one's stocking up on fancy $9-each bottles of Craft Red Gooseneck 8.7% ABV IPA. Consumers can't afford that right now, and retailers can more easily stock shelves with cheaper brands (like Bud) in large quantities.
Only the "essentials" are winning... Grocery stores are considered essential services in all states, and liquor stores are still considered essential in most. But restaurants and bars — as well as the industries (like craft beer) that largely supply them — are losing out on major income from their biggest profit puppy: alcohol.