Spirits, distributors: changing consumption patterns are affecting sales volumes, but there are positive signs

The Genoa-based company Velier ended 2025 with a 6 per cent decline, but this figure must be viewed in context. “The first three months were tough, with changes to the Highway Code bringing everything to a standstill,” warns CEO Luca Gargano, identifying a second factor in the dynamics of the parallel market for certain key brands such as Hendrick’s and Fever Tree. The subsequent rebound is already visible; in fact, “if we look at the first half of 2026, we’re up 7%”.

Compagnia dei Caraibi, a listed company, reports a turnover of 36 million euros for 2025, compared with 56 million the previous year. General Manager Fabio Torretta is quick to clarify: “The difference is mainly due to the removal from the group’s scope of two brands that carried significant weight within the portfolio”, rather than a contraction in the target market. For 2026, consolidated revenue for the first half of the year stands at between 12.7 and 13.7 million (down by 35–39.8 per cent), with a “slightly slower start, partly due to the general geopolitical context”.

The common thread running through the landscape is polarisation. Mid-range products are losing ground across the board; high-end products and niche markets with a strong identity are holding their own or growing.

Luca Gargano places this phenomenon in a historical context, noting that ‘certainly, with the post-Covid euphoria, there was a period that was somewhat exaggerated compared to the past’. As for the decline in consumption, the owner of Velier does not entirely agree. “Original and authentic products, with genuinely natural ingredients, are not seeing this decline. People are drinking less, but better. And as well as authenticity, health benefits are also driving the choices of the more discerning consumer.”

According to Gabriele Rondani as well, “it is a market that has lost some momentum in terms of volumes, but it is not in a structural crisis. Rather, it is undergoing a transformation: less impulse buying, more careful selection and a greater focus on value”. Chiara Pigini adds the perspective of the specialist retailer: “Consumers are going out less often and choosing more carefully, favouring clear and well-positioned offerings.”

In fact, Fabio Torretta points out that ‘the crux of the matter is not so much spending power – which does not appear to have been significantly affected – as the propensity to spend. In this context, it is more difficult for brands that are not yet well-established to position themselves, given that consumers tend to gravitate towards recognised brands and are less inclined to explore new options’.

In the premium and luxury segment, things seem to be running smoothly. “Cognac, rum, vintage whiskies or highly prestigious products are easier to sell,” observes Ursic di Rinaldi, “and even within the up-and-coming categories, it is not agave or gin as such that are standing out, but selected brands with a distinct identity”. And indeed, Gargano reels off Velier’s figures: in 2025, Macallan was up 36 per cent and Hampden up 79 per cent (+2 per cent and +35 per cent so far in 2026) “and we’ve also seen growth in blended whiskies and brandy, which are performing well. It’s the mid-range segment that’s struggling.”

Rondani points out that the segment has shrunk and become more specialised: ‘There are still consumers willing to spend, but they are better informed and less inclined to follow trends. Niche markets work when they have authenticity, credible storytelling and consistency over time. Today, it is not so much ‘premium’ as the right kind of premium that wins out.”

The aim, then, is to drive forward the ongoing pursuit of innovation within the brands, “which is why 90 per cent of our portfolio consists of small producers”, adds Torretta. Furthermore, from 2026 onwards, Compagnia dei Caraibi “has chosen to allocate targeted resources to the hospitality sector and to high-end wine bars with a select clientele”.

The out-of-home channel is the most obvious area of focus and the one with the greatest nuances. “Whilst the average spend on premium products used to be around 40 euros,” says Torretta, “today, spending in the premium segment is concentrated in the 30-euro range. Whereas in the past, the willingness to pay for a premium cocktail could reach as high as 15 euros, today it is ideally around 10 euros.” This is a trend that the manager of Compagnia dei Caraibi now considers structural, because “the impact of the decline in purchasing power has left a clear mark. It is likely that it will take several more years before we see a significant recovery.”

Gargano identifies a number of structural issues within the hospitality sector: the difficulty in finding staff capable of delivering quality, rising costs, and excessive mark-ups that discourage consumption. Yet ‘it is possible to find ways to bring pleasure rather than losses, but customer loyalty is built on consistency. There are restaurants that are always full because they keep their promises’. And indeed, “the hospitality sector works when there is a clear and recognisable offering,” echoes Rondani, “because it is no longer possible to automatically pass on price increases: the entire supply chain is called upon to strike a balance between profit margins and the affordability of prices for the end consumer.”

So what does the short-term outlook hold for Italian spirits distributors? “2025 saw a setback, but the first few months of 2026 are looking promising: 4 out of 10 consumers care about their mental and physical wellbeing, which is also linked to socialising. – Rinaldi notes – Most categories are seeing an improvement in sales trends. On the consumer side, those over 60 are spending more, and are becoming increasingly selective. Finally, in challenging times, when margins are shrinking, distributors who consistently and courageously stick to their own path are rewarded: there will be significant developments in the near future.”

Spirits & Colori is also optimistic and expects “a year of gradual consolidation, with growth driven more by the quality of consumption than by volumes. Specialising in spirits is a decision that is paying off”.

Mavolo is cautious, but says, ‘We do not envisage a blind rush for volume, but rather a market in which the quality of the portfolio, the ability to analyse consumer trends and the speed of execution will make all the difference’. Indeed, Compagna dei Caraibi points to new additions to its portfolio in the non-alcoholic and low-alcohol segment, , “to attract different consumers and gradually expand the market, avoiding a static position”. Gargano concludes with a certainty: “Those who want to feel good want quality that’s worth it. The high-end segment is not affected by the general downturn.” In other words, the market is not collapsing, but is undergoing a transformation and becoming more selective.