Luxury Wines and Spirits Market, Industry Analysis, Opportunities and Forecast 2023
The luxury wines and spirits market constitutes of distilled spirits such as vodka, rum, and brandy. Wines include champagne, red wines, and wines from different fruits. As these goods are considered as luxury goods, they have the elasticity of demand greater than one. Thus, their demand increases more than the increase in income of the consumers. Its market can be segmented based on by type, by distribution channel, and by geography.
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