US Spirits: May-June update, weak industry trends and weak share trends for Diageo & Pernod Ricard continue unabated

Research evidence excerpt

US Spirits: May-June update, weak industry trends and weak share trends for Diageo & Pernod Ricard continue unabated

13 July 2026

European & American Alcoholic Beverages

US Spirits: May-June update, weak industry trends and weak

share trends for Diageo & Pernod Ricard continue unabated

This note is a condensed version of the detailed note we publish every 2-3 months (here). Trevor Stirling

+44 20 7676 7521

trevor.stirling@bernsteinsg.com Trends were marginally sequentially weaker in May NABCA. May vols were down

-1.7% (-4.1% ex cocktails/RTDs); rolling 3m vols were better at -0.6% (-3% ex RTDs).

Nadine Sarwat, CFA Headline Nielsen was more +ve (+3.7% 12wks to 13th Jun), due to the greater weight

+44 20 7676 6849

nadine.sarwat@bernsteinsg.com of pre-mixed cocktails; Nielsen ex-cocktails vols were -5.2% in the 12wks, weaker than

NABCA. Underlying price-mix is -ve. All-channel NABCA has -2.7% price-mix in the 3m to

Asavari Paluskar, CFA, CA (India) May (including the RTD effect). Nielsen price-mix was -6%, but -0.8% ex RTDs. At-home

+44 20 7676 7291 CPI was flat in May, implying approx -1% mix. Pulling all the data together, we estimate

asavari.paluskar@bernsteinsg.com

-5% industry value decline for full-strength spirits (-4% vol, -1% price-mix, partly

price, partly mix). Spirits-based RTDs remain the fastest growing category, driven by Matthew Cheung

+44 20 7676 6809 Cutwater (ABI), Surfside (by Stateside Vodka) and Sun Cruiser (Boston Beer). Tequila still

matthew.cheung@bernsteinsg.com growing (+1%), while scotch was back in decline (-2.4%).

Specialist Sales Diageo (ex RTDs) underperformed the market by 100bps [n.b. all references in the

company sections are to 3m vol growth in NABCA, ex RTDs/Cocktails]. Crown Royal is Alix Turner