In February 2019, the Distilled Spirits Council reported the 9th consecutive year of record sales and volumes for spirits. They reported a rise in sales revenue by spirits suppliers of up to 5.1 percent and volumes by 2.2 percent. Even celebrities are having their names used to endorse spirits.
This should throw your doubts out of the window. But before that, let’s look into why bars are raking in the profit and why you should start your investment now.
Millennials Experimenting More Than Ever
Millennials are considered being the most inquisitive, curious and experimental generation by far. Their demand for new and diverse experiences benefited the spirits sector. This generation of young entrepreneurs and social media influencers are always on the lookout for something new to share. With the hype of CBD oil, more RTD and alcoholic beverages are experimenting on the CBD oil mix. A trend that Millennials are not likely to pass up.
According to the director of alcohol research, Eric Schmidt of Beverage Marketing Corporation, the 2 percent continuous increase in market sales for the past three years has been attributed to the wide array of products catering to the different taste buds of consumers.
Top Up On Spirits
Opening a bar means that you are more likely to stock up on beer and spirits. While it might look appealing to have a bar filled with all kinds of alcoholic beverages and brands, it is important to know which on-demand brands will rake in the needed revenue. This is the best insurance for your investment if you are thinking of starting a bar business this year.
After all, people have different preferences and you must be aware of this. Do your research on the local trending beverages and what the changing demands are on the market. This will help you decide what would be your best course.
Don’t Forget The Wine
Wines are not outdated and have even become popular given the health benefits it offers. There has been a steady year-to-year increase in sales of wines that can’t be overlooked. “Flavor is driving growth,” according to Nathan Greene, 2019 State of the Beverage Industry: Wine, Spirits Prioritize Premiumization. Your bar might benefit if you can also open a cellar of hand-picked wines that are exclusive to your bar or go for the popular choice of consumers.
Opening a bar is an exciting prospect but one that will entail plenty of market research and hard work. Because bars are very profitable and a steady industry alongside restaurants and food chains, there will be a stiff competition. So once you’ve decided to go for it, make sure you have a different and unique concept than the rest of the competition. Create an attractive statement and offer something that other bars may lack.
It would also benefit you to look into the latest technology to support your business and let you focus on the nitty-gritty detail of your bar.
