Why luxury brands continue to invest in insights and innovation during tougher economic times

The last three years have been a roller coaster ride for luxury goods manufacturers, including manufacturers of high-end products in the alcohol beverages category. A deep slump in restaurant and bar sales in 2020 and 2021 was somewhat offset by a steep increase in retail sales as more people entertained and treated themselves at home.

Now, in 2023, restaurant and bar traffic is on the rise, however luxury alcohol beverage manufacturers continue grappling with changes in consumption behavior. These latest changes in consumption behavior along with tightening economic policies necessitates these luxury brands to take an even closer look at consumers’ mind-sets, needs and emotions as they seek to continue growing.

Join us for this informative session as Ryan Fennelly, global manager for business intelligence and analytics at Beam Suntory, sits down with Brett Criss, SVP enterprise sales at Toluna, to review data from the latest Toluna and GutCheck market studies and explore how a luxury spirits manufacturer like Beam Suntory approaches insights programs and maintaining brand growth in challenging environments.

Key takeaways:

1. What the latest data reveals about people’s attitudes and planned behaviors in relation to spending and saving across a variety of categories.
2. Why, even in tougher economic times, innovation remains critically important to Beam Suntory.
3. How they approach this innovation with strategic insight.