Bacardi’s Latest Report Unveils the Top Trends Reshaping Cocktail Culture in 2024
Emerging preferences for quality ingredients, unique production methods and novel experiences shape Bacardi’s latest report on cocktail and spirits trends for the new year. (Photo: Pexels)
Bacardi Limited’s recently released fifth annual Cocktail Trends Report helps provide a glimpse into the anticipated shifts in cocktail culture and the spirits industry throughout 2024. Developed in collaboration with The Future Laboratory, the report outlines prevailing trends that may shape the way consumers engage with spirits in the coming year.
In a big win for gin, Bacardi declared that the gin and tonic will be the top bar call in 2024. Following behind in predicted popularity are the mojito, margarita and bloody mary.
According to Bacardi’s data, the next generation of drinkers is embracing a “less but better” approach, continuing to propel the ongoing era of premiumization for key spirits categories. As outlined in the report, consumers, cognizant of the economic climate, are expected to seek out small luxuries. Bacardi suggests a transformative shift towards prioritizing quality and foresees these types of spirits evolving into coveted collector’s items.
At the same time, the NoLo category was cited as undergoing continuous development, expanding upon a conscious drinking movement that focuses on choosing non- or low-alcoholic alternatives. Research conducted by IWSR revealed that nearly half of NoLo consumers opt for lower-proof or alcohol-free choices on specific occasions while still embracing full-strength options on others.
“As 2024 arrives, people are looking to settle into the unsettled – welcoming tastes of optimism into our reality,” said Brenda Fiala, Global Vice President of Strategy, Insights & Analytics at Bacardi.
“In this landscape, people are reshaping cocktail culture, infusing it with fresh perspectives and finding memorable experiences back at the bar with friends. From redefining moderate drinking to a surge in sustainable attitudes, Bacardi
is at the forefront, championing a world where people-driven cocktail culture thrives through innovation, experimentation, and overall better moments.”
Another notable trend predicted to define 2024 is the innovative aging and blending of dark, aged spirits. Bacardi noted that spirit producers are trying out new processes by exploring novel flavor combinations and unique aging methods.
“Distillers are venturing into uncharted territory, discovering new sources of innovation in the expanding category,” the report stated. “Bold and unexpected pairings continue to lead, whereas regional experimentation yields spicy, fruity and zesty profiles in innovative formats.”
Additionally, rum-based cocktails are witnessing increased popularity, while tequila takes the lead in premiumization, according to the Bacardi Global Consumer Survey 2023. The survey also named Mezcal as the next to “premiumize.”
The report added that consumers, seeking an escape from the ordinary, are propelling the rise of “Escapism Elixirs.” Bacardi anticipates there will be a heightened connection between beverages and locations in the coming year, as classic cocktails and European flavors were cited to transport individuals “from the beach to the bar.” This transformation encompasses not only the locations but also the timing at which consumers choose to enjoy their drinks. Amid its research, Bacardi discovered that non-traditional venues like festivals eclipse nightclubs as preferred spaces for revelry.
In response to a renewed emphasis on sustainability and nature, drink brands are anticipated to adopt more holistic approaches, incorporating sustainably sourced aromatics, florals, botanicals and oils. IWSR research indicated that 48% of alcohol consumers in the U.S. factor in a company’s sustainability or environmental initiatives when making a purchase. Findings from the Bacardi Global Consumer Survey highlight a substantial portion of consumers expressing a willingness to pay a premium for drinks or cocktails produced sustainably.
Lastly, the infusion of technology could reshape “how, where and what” individuals drink, with AI offering personalized cocktail experiences.
“For the drinks industry, AI’s evolution will create all-new paths to experimentation and discovery, with brand innovators using the technology as a tool to bring consumers closer to branded cocktails and experiences, regardless of their location.”
Find Bacardi’s handy infographic covering these key trends here.
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