Pernod Ricard Targets Chinese Markets with Cocktail Kits
Renowned French distillers Pernod Ricard are targeting the Chinese youth with a cocktail kit delivery which looks to double the share of international spirits within the country’s booming $156 million alcohol market.
Since the volume of middle-class Chinese consumers with adequate disposable income is estimated to keep growing, the company believes it has a big opportunity when it comes to penetrating the Chinese alcohol market. They are hoping that brands like Ballantine’s whisky and Absolut Vodka will take off in a country where the social scene is dominated by the local liquor, Baijiu which accounts for roughly 99% of alcohol sales in China. Earlier considered a luxury, Baijiu is now part of the glue that binds the society together. Now, with the increase in purchasing power of the average consumer, there is a growing demand for premium liquor.
China’s GDP growth in the last few years has seen a rise in disposable income and a change in the drinking culture among the millennial. Alongside this, lies the popularity of the famous Chinese Baijiu which is a staple for the local Chinese and is now set to enter the global stage. A bottle of the spirit could set you back by anything from $1 to $300 depending on how premium it is. The Chinese alcohol market is expected to grow at a CAGR of 15% between 2016 and 2021 with a large number of international as well as locally produced spirits adding to the projected growth rate.
After launching its more premium brands, Chivas Regal and Martell cognac in China, Pernod Ricard is aiming to sustain itself by appealing to the country’s growing middle classes. It is looking to push forward the share of international spirits in China from the present 1% of volume to 2% by 2025.
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