Replay: Expert Access: Barclays: RTDs: Structural Share Gainer or Cyclical Spike with expert Lou Applebaum

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Replay: Expert Access: Barclays: RTDs: Structural Share Gainer or Cyclical Spike with expert Lou Applebaum

Barclays | Replay: Expert Access

•• RTDs are a structural winner, not a fad. Lou Applebaum believes the RTD category has

moved beyond a temporary cycle. While hard seltzers may have been the catalyst, the

broader RTD category is now embedded in consumer behaviour and continues to gain value

share across U.S. alcohol.

•• Gen Z remains the key growth engine. The category is benefiting from a multi-year

demographic tailwind as millions of Gen Z consumers enter legal drinking age annually. Gen

Z's preference for cocktails over traditional alcohol categories is expected to support RTD

growth for years.

•• Growth has shifted from volume to premiumisation. RTD volume share appears to be

approaching a more mature phase, but consumers continue to trade up into higher-priced

spirit- and wine-based offerings, driving dollar growth faster than volume growth.

•• Hard seltzers are losing share due to flavour fatigue. Consumers initially embraced hard

seltzers for simplicity and low calories, but increasingly want more authentic cocktail

experiences and richer flavours. This explains the migration toward spirit-based RTDs.

•• Convenience matters, but flavour matters more. Ease of consumption and portability help

attract consumers, but sustained success is determined by taste quality. The strongest RTD

brands are those delivering a genuine cocktail experience rather than simply offering

convenience.

•• Beer is the biggest source of share loss. Most RTD growth appears to be coming at the

expense of beer, particularly segments such as craft beer that are perceived as heavier, less

transparent and less aligned with moderation trends.

•• Consumers are willingly paying a premium.