Asia's rising wealth boosts alcohol makers

By Dominique Patton

- Last updated on GMT

Related tags Cent Beer Alcoholic beverage

Asia's elite are drinking more wine, champagne and imported beer as
their growing spending power makes them increasingly important for
the luxury goods industry.

Wine consumption by affluent people in 10 Asia-Pacific markets has increased by 19 per cent in the last 12 months, according to a survey by market research firm Synovate. The survey tracked consumption habits of the top 22 per cent of the population in terms of earnings, or those people that typically earn double the national average household income. Overall, alcohol consumption in this well-off group increased by 6 per cent during the last year, although in South Korea consumption of all kinds of alcohol has dropped markedly. Brandy consumption is also down in many markets but imported beer consumption grew 15 per cent while local beer consumption grew 11 per cent. Champagne was up 13 per cent. "There has been a constant upwards trend in alcohol consumption,"​ said Craig Harvey, Synovate's director for media research in the region. "Consumption is at its highest in 10 years, growing from 22.7 per cent to 44.6 per cent this year,"​ he told AP-Foodtechnology.com. The survey also found that Asian elites are spending more on other luxury goods. More than one third now own quality, designer clothes worth more than US$200. Notebook computer ownership has increased by 14 per cent and ownership of a mobile phone with internet access posted a substantial 23 per cent gain to 56.5 per cent.

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