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Spirits Industry Contributes $730bn To Global Economy, Study Finds

Spirits Industry Contributes $730bn To Global Economy, Study Finds

The spirits industry contributed $730 billion (€674.4 billion) to the global economy in 2022, supporting 36 million jobs around the world, a new study by the World Spirits Alliance (WSA) has found.

According to the WSA Global Economic Impact Study, which was conducted by Oxford Economics and the IWSR, the spirits sector plays a key role in ‘driving economic growth, generating significant tax revenues and creating millions of jobs around the world’.

The sector generated $390 billion (€360.5 billion) in tax revenue in 2022, which is the equivalent of a top 20 global economy, while manufacturers in the sector spent some $120 billion (€110.9 billion) with their suppliers, more than half of which went directly to supporting agriculture.

‘Indispensable Contribution’

“Our Global Economic Impact Study shows clearly the spirits industry’s indispensable contribution to the world economy,” commented Philippe Schaus, CEO of Moёt Hennessy and President of the WSA. “From employment to tax revenue, and from fostering innovation to supporting sustainable practices, our industry plays a crucial role.

“Notably, more than half of the spirits sold globally are now at the premium level or above, proof that our consumers are embracing the ‘drink less, but better’ philosophy.”

‘Maintain Stability And Progress’

Elsewhere, Helen Medina, the recently-appointed CEO of the Geneva-based WSA, said that at a time of rising trade tensions around the world, the report provides an “important reminder” of the success of the global spirits industry.

“The figures featured in our landmark study underscore our significant economic role and the need for continued collaboration to maintain stability and progress,” she said. “Prioritising responsible drinking, production and marketing practices remains at the forefront of our efforts to ensure the long-term success and positive impact of the spirits industry.”

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