Bernstein: US Spirits Growth Ain’t What it Used to Be

Dear Client:    COVID growth rates couldn't keep going forever. Indeed, US spirits volume growth is slowing to flat in the latest Nielsen and NABCA data sets. NABCA data shows rolling three month spirits volumes to April up just 0.2%, and spirits volumes were up 1.7% in the 12 weeks ended May 21 in NielsenIQ-measured channels.  "2022 YTD has seen approximately flat volumes (on a very weak January)," writes Bernstein analyst Trevor Stirling in a recent note. "If this continues,