In the evolving landscape of beverage alcohol consumption, the on-premise channel faces unique challenges as consumers prioritize quality and value. Recent data reveals a slight uptick in spending at bars, although dollar sales overall have dipped. Insights from Bank of America highlight a shift where more customers are preferring to visit bars as opposed to drinking at home. Moreover, the rise of ready-to-drink (RTD) options presents new growth opportunities, necessitating a careful balance between pricing and quality to attract consumers effectively.
"Consumers are heading to the bars rather than imbibing at home, according to Bank of America aggregated card data, indicating a shift in alcohol consumption patterns."
"Despite cost-related challenges, spend in the on-premise is up versus year ago, but return on sales is down, driven more by inflated prices than uplifted consumption."
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