Mark Meek, CEO of IWSR, said that the post-2008 financial crisis recession was “less severe than what we are seeing now” and that 2019 was “the last” normal “year” for the industry for a little ‘. The company expects it will take at least 2024 to reach pre-pandemic sales levels, Meek said.
Coronavirus has been an advantage for some parts of the alcohol industry. Marketing research firm Nielsen said last week that total alcohol sales in stores in the United States grew 26.5% between mid-March and mid-May over the same period a year earlier. However, this is not enough to compensate for the losses that the industry is experiencing due to restaurants, bars and closed events such as sports and festivals.
Retail travel, a part of the industry of around $ 10 billion, which consists of selling alcohol on flights, on cruises and in duty-free shops, has been particularly difficult due to travel restrictions and cancellations, he said. IWSR.
“Like many other industries, it’s amazing how a few months of freezing will result in several years of recovery, but beverage alcohol has proven to be remarkably tough in previous recessions, and this shouldn’t be any different,” said Meek.
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