Spirits Industry Powers Global Economy with US$730 Billion GDP Contribution
10 July 2024 - 2:00PM
Business Wire
The World Spirits Alliance (WSA) has today launched a
groundbreaking study that highlights the enormous economic impact
of the global spirits industry.
Conducted by Oxford Economics and the IWSR, the WSA Global
Economic Impact Study reveals for the first time the sector’s
crucial role in driving economic growth, generating significant tax
revenues and creating millions of jobs around the world.
In 2022 alone the spirits industry injected an astonishing
US$730 billion into global GDP while supporting 36 million jobs,
equivalent to the entire workforce of the United Kingdom.
Spirits generated US$390 billion in tax revenue, comparable to
the tax intake of a top 20 global economy, while manufacturers
spent US$120 billion with their suppliers, over half of which went
directly to supporting agriculture.
Launching the report, Philippe Schaus, CEO of Moёt
Hennessy and President of the WSA, remarked:
“Our Global Economic Impact Study shows clearly the spirits
industry’s indispensable contribution to the world economy. 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.”
Helen Medina, newly-appointed CEO of the WSA, added:
“At a time of rising trade tensions, this report provides an
important reminder of what a success story the global spirits
sector is. I am excited and committed to navigate these
opportunities and challenges together with my members.
The figures featured in our landmark study underscore our
significant economic role and the need for continued collaboration
to maintain stability and progress. 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.”
Notes to editors
The World Spirits Alliance (WSA) is a Geneva-based trade
association. Together with its members, it is committed to
responsible production, advertising and marketing practices and to
encouraging adults who choose to consume spirits, to do so
responsibly and in moderation.
Access “Spirits: Global Economic Impact Study 2024” here.
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