Will high inflation dampen high spirits? On Thursday, FTSE 100-listed Diageo warned of challenges ahead. But there is no sign yet of people losing their taste for upmarket drinks. Sales over the past year rose by more than a fifth.
Previous downturns have dented sales. In the 2008 financial crisis consumers traded down to cheaper drinks for several quarters. Spirits are high-value, slow-moving goods with no sell-by-date. That makes them prone to stocking up in good times, and destocking in bad.
Nervousness is reflected in the share price. This has underperformed the FTSE 100, down 6 per cent this year. The price/earnings multiple has fallen by 29 to 23, though it is still a notch above its long-term average and that of rival Pernod Ricard.
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