There is a saying in the world of drinkers that if you want to find out the class of an alcoholic, then you should see what kind of whiskey he is drinking. However, looking at the figures of Whiskey Intelligence Report, it seems that now the number of people drinking expensive and good whiskey is almost ending.
In fact, the market of rare and expensive whiskey, which till now was considered a safe option for investors, is facing big challenges in 2024. According to the Whiskey Intelligence Report of Noble & Company, a big decline has been recorded in the market this year.
Rare whiskey is not being sold
The report states that the income from the auction of rare whiskey in the second quarter of 2024 has declined by 50% year-on-year. Whereas, the number of bottles sold has also decreased by 52%. Let us tell you, the 2023 report of Noble & Company had already said that the market is in bad times. At the same time, this year the situation has become worse.
Economic pressure spoiled the game
Economic reasons are playing the main role behind the decline in the market of expensive and rare whiskey. Due to rising inflation and household budget cuts, consumers are turning to cheaper whiskey. People are now buying bottles costing less than £1,000. In 2024, bottles of this precious whiskey will cover more than half of the total whiskey sold in the market. Whereas, last year this figure was 43%. At the same time, the average price of bottles sold in auction decreased by 19% in the second quarter. The highest decline was recorded in April and May.
People are not even buying premium whiskey
Premium whiskey, which is said to have a generally more stable market, is also facing economic pressure this time. This year the proportion of bottles sold more than 50 years old reached 37%. Whereas, last year the same ratio was 16%. Bottles priced above £10,000, which are typically popular with international collectors, saw a 91 per cent drop in transaction volume.
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