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High-end wines and fancy drinks are becoming more popular among wealthy individuals and rich consumers. People with a total net worth of over $1 million are called High Net Worth Individuals (HNWIs), and those with a net worth between $500,000 and $1 million are considered affluent. The number of HNWIs is growing each year, with the global population reaching about 18.1 million in 2017. Asia-Pacific has the highest number of HNWIs, followed by North America and Europe. The demand for luxury wines and spirits is rising because of the increasing number of HNWIs.
Luxury travel is also on the rise, contributing to the demand for high-end drinks. Luxury wines and spirits are enjoyed in luxury planes, ships, and hotels. The tradition of giving gifts while traveling, especially in Chinese culture where it's called 'Guanxi,' is also driving the market. HNWIs in China, especially millennials, see luxury wines as a status symbol and prefer to gift them. In 2017, the luxury travel industry experienced significant growth, particularly in North America, Europe, and Asia-Pacific. This growth is attributed to strong markets in the US, Japan, and the UK.
In developing regions, especially Asia-Pacific, the increasing per capita disposable income is boosting the demand for luxury wines and spirits. As people's standard of living improves, they are more inclined to choose luxury products as a status symbol. This growing aspiration for luxury is also influencing consumers to dine in fine restaurants where luxury beverages like wines and spirits are popular choices on the menu.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Increased degree of health awareness to provide growth opportunity to the market growth for luxury wines and spirits |
| Market Dynamics | Rise in the number of pubs and bars to drive market for luxury wines and spirits Adoption of luxury products Increasing living standards |
Luxury Wines Spirits Market Highlights:
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