With socialising becoming inescapable, the liquor market is witnessing an exponential growth and increasingly becoming a breeding ground for hoteliers and restaurateurs to invest in
Bars and pubs are growing faster than cafés as the nightlife of Indians are evolving. Hectic work schedules and the zest to remain young, wild and free is what luresmost Indians into spending crazily at night-clubs and pubs.
With socialising becoming inescapable, the liquor market is witnessing an exponential growth and increasingly becoming a breeding ground for hoteliers and restaurateurs to invest in. Here is how the evolving nightlife of Indians is paving the way for liquor industry.
The thing about ‘Partying all Night’
One of the biggest factors that have made a substantial difference in the sales of liquor is that concept of ‘party all night’. As per a general notion, it was believed that weekends bring maximum crowd to an f&b outlet; more so if it has great music, good alcohol and a dance floor. With people getting more and more stressed in their lives, they find clubbing, pubbing and drinking alcohol as an escape route as well as a need to wind down a little. As a result, they don’t mind spending money on pubs on a regular basis. This gradual change in the consumer behaviour has led to the concept of partying all night. This way, every evening has become the selling day for the bar and pub owners.
Restaurant Chains plunging into Bars
With the increasing consumption of alcohol, restaurants chains are also deciding to open their own bars and discotheques for people who wish to eat, drink and make merry.American restaurant chain TGI Friday has recently come up with its bar-only concept. According to recent reports, it is revealed that the F&B entrepreneurs are gaining high profit margins of close to 40 percent on an average, in comparison to high-end restaurants located in a posh neighbourhoods, which only generate 20 per cent profits.
In the Indian culture, festivities and rituals bring about family gatherings and from here the bonding over alcohol gets created.But today, a huge chunk of the millennial look for going out in their neighbouring bars to spend evenings with their friends. This is the reason why there has been a sprouting of neighborhood bars like Harry’s, a Singapore-based chain. Because there has been an increasing consumer base since the introduction of such neighbourhood bars, the prices of cocktails are actually going down, inviting more consumers to them.
Women becoming Active Drinkers
In India, women had always been secluded from activities like drinking and smoking. As more and more women enter the workforce and are taking control of their livesbymaking their independent choices, the liquor industry is witnessing a burgeoning demand for women-only/women-friendly bars. With women becoming active drinkers, there is another group of the target audience that has raised the demand for the liquor industry.