2024 Cocktail Trends Report

A Foresight Report for Bacardi

Case Studies

Looking ahead to the future of the spirits business and cocktail culture in 2024, Bacardi commissioned The Future Laboratory to produce a new foresight report, anticipating the shifts and themes of innovation that will shape the industry over the coming months.

Building on the introspection of 2023, when individuals redefined their identities amid global changes, 2024 will be seen as a time to embrace the unsettled, get to know the unknown and welcome tastes of optimism.

Interest and exploration are on the rise, and consumers have never been more discerning about what they want and need. They’re approaching life – the drinks world included – with values and expectations in tow, reshaping cocktails, spirits and drinking culture as they go.

From flexitarian approaches to consumption bringing a new meaning to NoLo, to post-party preferences carving out fresh spaces for imbibing and sustainable attitudes spearheading the industry toward meaningful change – the stage is being set, not just for a year of evolution, but one of transformation.

‘As the era of people-driven cocktail culture unfolds, drinks brands will foster a world where innovation, experimentation and betterment know no bounds,’ says Martin Raymond, Co-founder of The Future Laboratory. ‘Centered on social connection, togetherness and ultimately experience – the industry has the opportunity to set an example for the wider landscape, recalibrating and refocusing us all on the things that matter the most.

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Published by:

20 December 2023

Author: Alex Hawkins

Image: Stephane Boubert

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Polina Tankilevitch

The Future Laboratory identified the emerging trends and attitudes on track to transform the drinks and alcohol markets – using insights from Bacardi-led surveys with consumers and brand ambassadors, along with interviews with industry experts, bar and restaurant insiders, and our own research. The final report unveils fresh directions and attitudes set to redefine the global drinks arena, spanning everything from digital innovation to shifts in sustainability.

Click below to discover the resulting 2024 Cocktail Trends Report, with key take-outs and statistics for the next year.

If you are interested in finding out more about our Foresight reports that combine quantitative and qualitative research with original case studies and innovations to achieve your business objectives, click here. For more about our client reports and case studies, get in touch with a member of our team.

‘As the era of people-driven cocktail culture unfolds, drinks brands will foster a world where innovation, experimentation and betterment know no bounds’

Martin Raymond, The Future Laboratory

The Trends

For the fourth report in our ongoing partnership, Bacardi enlisted The Future Laboratory to produce an exciting forecast of drinks trends, predicting the evolution of cocktail consumption and the spirits sector in 2024.

: Limited Libations

Next-gen drinkers are embracing a ‘less but better’ approach, continuing to support the ongoing premiumization era for key spirits, liquors and NoLo categories. With a conscious approach to the economic climate, consumers are seeking small luxuries – looking to elevated lifestyle products as must-have pieces.

: Innovative Aging and Blending

2024 will usher in an era of innovation for dark, aged spirits, with brands embracing unique aging methods and novel flavor combinations. Distillers are venturing into uncharted territory, discovering new sources of innovation in the expanding category. Bold and unexpected pairings continue to lead, whereas regional experimentation yields spicy, fruity and zesty profiles in new formats.

: Escapism Elixirs

Cocktail culture is transporting consumers across destinations, countries and even eras – as classic spritzes and ornate sips help to recreate nostalgic, convivial moments all year round. In 2024, the link between drinks and destinations will deepen, with classic cocktails and European flavors whisking drinkers from the beach to the bar.

: Notes of Nature

In the coming year, consumers will reframe their relationship to the natural world, affecting where they spend their time, the brands they support and what they consume. With a resurgence in next-gen outdoor activities and a growing emphasis on sustainability, drinks brands are redefining their connection to the environment through intentional ingredients and eco-friendly practices.

: Tech-enhanced Tastes

Digital advances are inciting change in what drinks are enjoyed, as well as where and how, providing new routes to personalization, brand experience and community. As consumers seek more individualized brand interactions, AI is introducing exciting opportunities for tailored cocktail experiences, accessible any time and anywhere.

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‘As 2024 arrives, people are looking to settle into the unsettled – welcoming tastes of optimism into our reality. In this landscape, people are reshaping cocktail culture, infusing it with fresh perspectives and finding memorable experiences back at the bar with friends.

From redefining moderate drinking to a surge in sustainable attitudes, Bacardi is at the forefront, championing a world where people-driven cocktail culture thrives through innovation, experimentation and overall better moments.’

Brenda Fiala, Global Vice-President of Strategy, Insights and Analytics at Bacardi

Are you ready for what’s new and next?

To learn more about The Cocktail Trends of 2024, download the full rerport here.

If you are interested in finding out more about our sprint services that ensure your business is focusing on the most valuable insights and prioritising the right strategic initiatives, click here.

For more about our client reports and case studies, get in touch with a member of our team.

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