In Response to Changing Consumer Trends, Gin Is Added to Ireland’s Market Basket

Gin is added to Ireland’s recently updated “basket of goods,” a representative selection of items reflecting the average consumer’s spending patterns. (Photo: Glendalough Distillery)

In a recent revision of Ireland’s Consumer Price Index (CPI), the Central Statistics Office (CSO) updated the basket of goods and services for the first time in eight years. Aiming to better align with evolving consumer spending patterns, noteworthy additions to the basket include disposable vapes, rib-eye steaks and gin.

As reported by The Irish Examiner, the CSO also introduced items such as milk and meat substitutes, smartwatches, spring onions, non-alcoholic beers and wireless headphones, indicating a shift toward healthier lifestyle choices and technological integration.

A “basket of goods,” also called a market basket or commodity bundle, is a representative selection of key items, including food, drinks, housing, transportation, clothing and more, that reflect the average consumer’s spending patterns. By regularly tracking and comparing the prices of these items, the CPI is calculated, providing insight into changes in the overall price level. The CPI is a crucial tool for assessing inflation, helping policymakers and the public understand how the cost of living is changing over time.

According to the report, Ireland’s revised CPI, utilizing a baseline period of December 2023 = 100, recorded an annual inflation rate of 4.1% in January, showcasing a slight decrease from the 4.6% observed in the previous 12 months. Core inflation, which excludes items prone to significant price fluctuations, saw an increase of 5.3% during the same period.

Recreation and culture demonstrated the most significant price growth, surging by 9.3% over the past year, per the news outlet. Statistician Anthony Dawson noted that this increase is attributed to rising package holiday prices, escalating by nearly 42%. According to The Irish Examiner’s analysis, consumer prices dropped by 1.3% from December 2023 to January 2024. The only exception was alcoholic beverages and tobacco, which experienced an increase of 2.4%.

The inclusion of gin in Ireland’s basket of goods reflects the spirit’s growing global popularity. Recently, Japanese beer and spirits giant Kirin Holdings Company ventured into the flourishing craft gin market, citing a substantial 40% increase in global gin sales from 2018 to 2022. In response to this upward trend, Kirin will export its Yatsu Boshi Japanese Craft Gin to key markets, including Singapore, Malaysia, South Korea and Australia.

Simultaneously, The Shed Distillery has made successful inroads into the expanding Chinese market with its Drumshanbo Gunpowder Irish Gin. This strategic move aligns with the broader trend of Irish gin exports to China, which have surged by nearly 200% in the last five years.

Meanwhile, recognizing gin’s economic significance to Scotland, a distillery has called for granting the spirit the same protected status as whiskey. The request also aligned with the combined sales of gin and whisky, which reached £9.4 billion in 2023, reflecting a 13% growth.

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