Spirits: Improvements in Promotions, Pricing

Dear Client: Barclays Capital's Alex Oldroyd is taking a "less negative view" of the spirits industry on a global scale as companies boost marketing and the promotional environment improves. According to the research note: (1) Spirits companies "have begun to reinvest strongly in marketing" and are forecasting "further reinvestment" in fiscal 2011; (2) Barclays sees "an inflection point for price/mix" in the US as the industry approaches the beginning of the holiday selling season, and more aggressive promotions; (3) and