European Beverages: Real-time US alcohol spend steps up strongly in June, per proprietary Barclaycard data

Research evidence excerpt

European Beverages: Real-time US alcohol spend steps up strongly in June, per proprietary Barclaycard data

Equity Research

9 July 2026

European Beverages

Real-time US alcohol spend steps

up strongly in June, per

European Consumer Staplesproprietary Barclaycard data

NEUTRAL

In this twelfth iteration, we share proprietary US Barclaycard European Consumer Staples

Laurence Whyattdata on alcohol spend. The Jun'26 print saw a strong +8.6%

yoy increase, with likely World Cup tailwinds, but more +44laurence.whyatt@barclays.com(0)20 7773 5324

importantly points to ongoing recovery, with sustained Barclays, UK

momentum in total alcobev spend. Regional performance Ashutosh Jain

+91 (0)22 6175 1452

below. ashutosh.jain@barclays.com

Barclays, UK

US alcohol spending has been under pressure for several years, although the broad industry Data Science & Applied AI

consensus remains that the weakness is cyclical rather than structural. The latest June data Haviland Sheldahl-Thomason(iv)

provide further evidence that demand is improving. Total alcohol-related spending increased +1 212 526 0916

8.6% yoy, supported by strong growth across both on-trade and off-trade channels, with haviland.sheldahl-thomason@barclays.com

bar spending up 8.9% and liquor store spending up 8.3%. While some of the strength is likely BCI, US

attributable to World Cup-related consumption, the data also point to a broader recovery that

appears to be gaining momentum.

Our analysis suggests that the on-trade channel has been more resilient than off-trade. Bar

spending turned positive on a rolling 12-month basis with the September 2025 reading, and has

continued to improve since then. Liquor store spending has also recovered meaningfully and is