As the Cricket World Cup 2023 unfolds in India, the nation’s liquor sales are soaring to unprecedented heights. With cricket enthusiasts gathering to watch their favorite teams battle it out, alcohol has become a key player in the game. Here’s a closer look at the impact on the liquor industry:
Stadium Alcohol Prohibition:
Inside the stadiums, alcohol remains off-limits. However, fans across the nation are ensuring they have their favorite drinks in hand while watching the matches from the comfort of their homes or local pubs. This surge in at-home and in-restaurant consumption is giving a significant boost to the liquor sector.
Liquor Industry Gains:
India’s liquor industry is witnessing a substantial uptick in sales during the World Cup season. While fans cheer for their teams, brands like Kingfisher, United Spirits, and Radico Khaitan are reaping the rewards. Shares of United Spirits, the owner of India’s largest-selling beer, Kingfisher, have surged by 23% since the beginning of the year. Similarly, Radico Khaitan has gained 24% since the start of 2023.
Liquor at Home and in Restaurants:
Despite the alcohol ban within stadiums, fans are ensuring they don’t miss out on their favorite drinks. As they gather at homes and restaurants, the consumption of alcoholic beverages is on the rise. Those watching the matches at restaurants, which screen the games, are contributing to this uptick in sales.
Quick Commerce and Weekend Celebrations:
Weekends featuring India matches are seeing a boost in quick commerce, with fans stocking up on their preferred beverages. As the World Cup coincides with the Diwali season, the boost in consumption during this period is expected to be reflected in the December quarter. Diwali, a widely celebrated festival in India, typically spurs increased consumption in various sectors, including food and beverages.
The Cricket World Cup 2023 is not only a battleground for cricketing glory but also a driving force behind a spirited celebration that is lifting the spirits of India’s liquor industry. As fans continue to cheer on their teams, the economic impact of this tournament extends well beyond the cricket pitch.