While liquor store sales, at home drinking, and virtual happy hours have skyrocketed, there is a darker side to the story that's not the corresponding increase in hangovers.
A staggering new study from the Distilled Spirits Council of the United States (DISCUS) revealed how the pandemic has ravaged craft distilleries. As shared by Forbes’ Kate Dingwall, "41% of craft distillery sales have evaporated. American craft distillers have lost over $700 million in sales because of the pandemic." Compared to national brands, craft distilleries disproportionately rely on high end restaurants and cocktail bars, and most notably on-site tasting rooms, which alone account for over half of total craft business, all of which have been closed for much of the year.
Fortunately, there is an emerging bright side to the story and potential happy ending, as the pandemic has simultaneously solidified that Direct-To-Consumer is in fact an integral facet of the industry moving forward.
E-commerce presents not just an opportunity to survive the pandemic, but a long term strategy to truly thrive as a result, by scaling leanly and sustainably. Online alcohol sales are up 243% and will likely continue to rise, but e-commerce is still nascent, so as consumers, we can do our part by shopping locally from the comfort of our homes.
At Speakeasy Co. we are providing these small business owners with not only the resources needed to stay above water during these turbulent times, but more importantly, the crucial tools to help them continue to grow and scale their businesses moving forward. To find a list of brands selling online via the Speakeasy Co. platform, visit our site, and virtually cheers at your next happy hour with craft spirits.