Bernstein: US Spirits Holds onto Recent Share Gains (For the Most Part)

Dear Client:  After "extraordinary growth" in 2020, US spirits volume growth is "still solid" in the latest NABCA data (on and off-premise).  As on-premise returns and we lap the early pantry-loading days of the pandemic, "it appears that consumers are mostly keeping their new habits, i.e. spirits so far appears to be retaining share gains and growing at a similar pace to pre-COVID, off the new enlarged base," writes analyst Trevor Stirling in a recent Bernstein note. However, not every