After years of preferring beer over liquor, spirits have become the go-to drinking option for Americans.
The slow climb in spirit popularity has been evident over the last several decades but the category finally came out on top in 2022. Some of the growth can be attributed to the revival of cocktail culture, which includes the popularity of ready-to-drink options like Lime-A-Ritas and Jack Daniel's Country Cocktail.
Last year marked the 13th straight year of growth in the spirit category, and it currently holds 41.9 percent of the market share. In 2022, spirit sales hit a record $37.6 billion, a 5.1 percent jump from the previous year.
"Some of it's just the younger generation coming up, looking for a lot of variety," Benj Steinman, president of Beer Marketers, told the Associated Press. "They sometimes like spirits. Cocktail culture is another thing."
The decline in the beer category has not been a surprise to industry watchers. Just as spirit sales have increased over the last decade, beer sales have dipped. Major producers like Anheuser-Busch InBev and Molson Coors both shifted from their beer-dominant productions and have expanded their offerings to include hard seltzers, canned cocktails, and wines.
The decline was even evident when it comes to online ordering. Alcohol delivery service Drizly reported that beer orders took up just 14 percent of its market share.
"The beer decline in recent years on Drizly is mostly the result of share shift toward the spirit category, driven by the surge in categories like tequila and ready-to-drink-cocktails," Liz Paquette, head of consumer insights at Drizly, told CNBC.
Nvidia smashes earnings with record-breaking revenue and soaring Blackwell demand as shares slip this morning, Barron’s senior writer Adam Levine unpacks it all
Jeff Wagoner, CEO of Outrigger Hospitality Group, discusses the company’s coral preservation initiatives and sustainable practices at their hotels and resorts.
Dena Jalbert, Head of M&A at Align Advisory, discusses the state of mergers and acquisitions in 2025 and beyond, highlighting key trends and opportunities.
Kim Perell, author and entrepreneur, shares actionable tips and tricks to help current and aspiring entrepreneurs kick off 2026 with confidence and momentum.
Computer chipmaker Nvidia is poised to release a quarterly earnings report that is expected to either deepen a recent downturn in the stock market or prompt an ebullient sigh of relief among investors increasingly worried the world’s most valuable company is perched upon an artificial intelligence bubble about to burst.
Emera CEO Scott Balfour discusses soaring energy demand, AI-driven grid challenges, clean-power investments, and how the company is building a resilient future.
JB Mackenzie discusses Robinhood’s new entertainment prediction markets, letting users engage with pop culture, award shows, and more through low-stakes bets.
Rhett Power shares his startup journey, lessons from his early years and insights from his book on overcoming negative self-talk to lead with confidence.
Despite inflation, Americans aren’t giving up the gym. Crunch Fitness CEO Jim Rowley discusses strong growth, value-driven expansion and what the future holds.
Home prices far outpacing incomes, low inventory, and higher living costs are reshaping the market. WSJ’s Veronica Dagher breaks down the challenges ahead.
