GENEVA, July 10, 2024–(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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240709906381/en/
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