The Lunar New Year is traditionally a time for gathering with family and friends to eat and drink.
Baijiu, a fermented grain spirit, has been the choice for Chinese celebrations for centuries. With a potent alcohol-by-volume (ABV) of over 60% of China’s spirits sales, with annual sales of around $160billion. However, recent foreign drinks have gained popularity in the world’s largest spirits market.
The whisky market in China is expected to triple by 2027, driven by young, middle-class, urban, eduacted, and female drinkers. This growth has encouraged international brands like Pernod-Ricard and Diageo to open distilleries across the country. The market is expanding in other parts of Asia, including Singapore, and is expected to attract more alcoholic spirits.
Chinese whisky sales are expected to increase during the Lunar New Year, as Chinese tourists visit Singapore. However, the market faces such as limited distilleries, barrels, and professionals. However, the success of China’s wine industry suggests a similar rise in demand.