Bernstein: No “Clear Material Shifts” in Spirits Share Gainers, Losers

Dear Client: Bernstein pegs long-term underlying value growth of the US spirits market to be around 5%, and volume growth around 2%-3% based on pre-COVID trends. "Clearly, COVID-19 has boosted all players, but some have been much better placed to capture that growth; we aren't yet seeing any clear material shifts in winners/losers from the pandemic in the data, with stockpiling so far seeming to only accentuate underlying trends," writes Bernstein analyst Trevor Stirling in a recent note. Proximo Spirits, Cuervo's US subsidiary,