Shrinking US bar tabs signal little festive cheer for liquor makers [Yahoo! Finance Canada]
Diageo plc (DEO)
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Source: Yahoo! Finance Canada
4 min read By Emma Rumney and Jessica DiNapoli LONDON/NEW YORK (Reuters) - Meaghan Dorman's five New York bars look just as full as they always do in December - packed with couples on dates, holiday get-togethers and business meet ups. But when takings are counted, it's clear that customers are spending less. Dorman, bar director and partner of Raines Law Room and Dear Irving bars, each with multiple locations, said customers were buying fewer expensive craft cocktails, priced between $26 and $40, before switching to a cheaper tipple like wine. "You feel like you are busy all night, and we will be full all night," but revenues are down versus previous years, she added. Difficult economic conditions, such as high inflation, have left some U.S. drinkers, especially middle-income earners who used to splurge during the holidays, looking for ways to rein in their booze spending, three of the largest U.S. spirits distributors told Reuters. The trend poses a challenge for major
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