Foreign liquors get popular among Chinese young consumers
For liquor makers, the road to winning the Chinese market passes through the hearts of the country's youth. Data by online shopping website Tmall shows that consumers between 18 and 29 are responsible for half of the spirit sales on its platform – a piece of intoxicating news for foreign liquor makers. The coronavirus pandemic might have brought some challenges to the alcohol market at the beginning of the year, but consumption of spirits has now fully recovered, especially with the rising purchasing power of the young. (...) Research firm Global Data expects China's alcohol market to reach a value of $450 billion in 2021, accounting for 47 percent of global consumption – news that is guaranteed to raise the spirits of spirits makers.