So I was listening to “Planet Money” the other day… What, you don’t believe that Dipsomaniac listens to NPR? Well, I was in the car with my grandma, ok.
Anyhoo, they were discussing how much money that Americans spend annually on booze. You’ll be happy to know that alcohol is indeed recession-proof. Like the old saying goes, in tough times you should invest in bibles and booze. Or canned goods and shotgun shells in my case.
Believe it or not, Americans spend about 1% of all their consumer spending on alcohol, which is about the same percentage that it has been for the past thirty years. What has changed is where you are spending it. More of your discretionary dollars are being spent out at restaurants and bars, and our friends in the on-premise world applaud you.
As of 2011, the majority of spending is still for home consumption, about 60% vs. 40% in bars. But thirty years ago, that ratio was more like 3/4 in liquor stores and 1/4 drinking out.
This is despite the fact that the cost of alcohol in bars has gone up almost 80% in that period, while liquor store prices have actually dropped by almost 40%. Certainly, this can be attributed to the fact that y’all are drinking a lot better stuff than your parents did back in the “beer and a shot” heydays of hard-core day drinking.
So y’all are going out more and drinking better stuff. I’d say that’s a trend worth celebrating. With say, a nice shot of Herradura at your favorite watering hole.