Major Spirits Players Losing the Volume Race

Dear Client: NABCA data from February suggests that spirits volume growth trends have slowed down from the highs in 2012, according to a recent note from Bernstein Research. Shipments (to distributors) were down -0.4% due to one less selling day, bad weather and unsteady consumer confidence. However, brand mix trends have had a very positive impact on value growth, "as strength in premium brands continues to drive strong value growth," writes Bernstein analyst Trevor Stirling. Category price/mix is running at