Spirits Wholesalers Remain Cautious Despite Supplier Optimism

Dear Client: Every quarter UBS puts out the results of a wholesaler survey to gauge how the normally silent second-tier views the market. The March survey results show that on the whole, wholesalers remain pretty positive about the industry, but they are a "little more cautious on the US spirits market outlook than the spirits companies themselves," writes UBS analyst Melissa Earlam. 50% of wholesalers were much more optimistic or somewhat more optimistic on the industry outlook in this survey.