US Spirits/Beer "On-premise channel focus: Spirits and beer trends still..."

Research evidence excerpt

US Spirits/Beer "On-premise channel focus: Spirits and beer trends still..."

Global Research

14 May 2026ab

US Spirits/Beer Equities

GlobalOn-premise channel focus: Spirits and beer

trends still subdued, Campari continues to Beverage

outperform SanjeetAnalystAujla

sanjeet.aujla@ubs.com

+44-20-7567 4529

US on-premise channel trends Peter Grom

Analyst

In this report, we highlight the latest US Spirits and Beer on-premise channel data peter.grom@ubs.com

covering the 4wks to 21st of February as tracked by NielsenIQ (previously CGA), which +1-212-713 3482

lags the off-premise channel data by around 1 month. We estimate the data covers

Ella Hong

c78% of the US on-premise channel (excludes stadiums and resorts), which in turn

Associate Analyst

makes up c20% of the US Spirits industry volumes, and c15% of the US Beer industry. ella.hong@ubs.com

Given the on-premise channel is more discretionary, we think it provides important +44-20-7568 3972

insights into the broader health of the US consumer.

Arnaud Autier

Spirits and beer trends remain subdued; Campari still outperforms although arnaud.autier@ubs.com

decelerating L4W +44-20-7901 6849

We think it is more insightful to focus on the volume trends, as we think the on-trade

channel pricing is less captured by the suppliers, and more by the retailers. The latest

US NielsenIQ on-premise channel data covering the 4-week period to 21st March shows

US Spirits vols -3.1% deteriorating vs prev 4W -1.5% while Q1TD -2.2% improved vs

Q4 -4.3%. Price/mix at +6.5% L4W slightly improving vs prev4W +6.1% with Q1TD

trend +6.3% (Q4 +6%). Thus sales +3.1% slowing vs prev 4W +4.5% with Q1TD +4%

coming stronger than Q4 +1.4%. Diageo still underperforms the industry (-7.1%

L4W with -7.2% Q1TD vs Q4 -7.6%), while Campari continues to outperform on