Emerging as the Main Player in the Liquor Market... Which Whiskey Offers the Best Value Around 10,000 Won?

Leading Growth of Value-for-Money Whiskey in Domestic Market
Import Volume Reaches 28,391 Tons as of November... Record High
Best-Selling Whiskey is 10,000 KRW Range 'Grant's Triple Wood'

Whiskey is enjoying unprecedented popularity despite the economic downturn. Following last year, whiskey has broken import volume records again this year. Once regarded as a premium alcoholic beverage with a limited domestic consumer base, the market has recently been reshaped around products emphasizing so-called 'Alseongbi (Alcohol Performance Ratio),' rapidly integrating into the preferences of domestic liquor consumers.

According to Shinsegae L&B on the 28th, the best-selling whiskey at 46 nationwide Wine & More stores this year, as of the 27th, was William Grant & Sons’ ‘Grant’s Triple Wood (1ℓ).’ Grant’s Triple Wood is a Scotch blended whiskey matured in three types of oak barrels: virgin oak, American oak, and bourbon refill casks, characterized by its smooth taste. Despite being a 1ℓ product, its affordable price in the high 10,000 KRW range stood out as a strength, securing its position as the top seller.

Models are showcasing "Grant's," one of the world's top three blended Scotch whiskies, on the 11th.

The second place was taken by ‘The Balvenie 12 Year DoubleWood,’ regarded as the national single malt whiskey. The Balvenie 12 Year DoubleWood is the world’s first single malt whiskey matured using two types of oak barrels?bourbon oak and sherry oak?and gained popularity domestically as an entry-level product, becoming central to the whiskey open-run phenomenon. Due to its high popularity in Korea, David Stewart, the malt master who elevated Balvenie to its current status, visited Korea in October.

Following Balvenie was the American bourbon whiskey ‘Jim Beam White.’ Jim Beam White is a popular drink often called the ‘soju of America’ due to its reasonable price. Its demand has increased domestically as it is enjoyed mixed with carbonated water as a highball, resulting in high sales. Additionally, Japanese blended whiskey ‘Suntory Kakubin’ and Irish whiskey ‘Jameson Standard,’ used as bases for highballs, along with entry-level Scotch single malt whiskeys priced in the 100,000 KRW range, ranked within the top 10.

Whiskey, which began gaining widespread popularity among domestic consumers since last year, continued to receive strong support mainly from younger generations this year, maintaining solid market growth. The keyword explaining the growth of the domestic whiskey market is undoubtedly ‘Highball.’ Highballs, made by mixing various liquors and beverages, offer refreshing taste and affordable prices, making the entry barrier low. They can be easily and diversely prepared at home according to personal style, captivating a wide range of consumers and establishing themselves as a new drinking culture.

This trend is also evident in this year’s whiskey import status. According to customs export-import trade statistics, as of November this year, whiskey imports reached 28,391 tons, surpassing last year’s total import volume of 27,038 tons and setting a new record again. On the other hand, import value was 237.08 million USD (approximately 307 billion KRW), down about 4% from the same period last year (247.14 million USD). This suggests that domestic whiskey consumption this year grew centered on affordable, easy-to-drink products rather than high-end items.

A Shinsegae L&B official stated, “Since the pandemic, the number of people enjoying drinking alone or at home has increased, and with the spread of consumption trends focusing on ‘Alseongbi,’ demand for whiskey that can be enjoyed over a long period once opened has steadily continued.” He added, “As overseas travel increases in the endemic phase, the domestic whiskey market is expected to record high sales growth next year, especially through duty-free channels.”

Meanwhile, in this year’s Wine & More sales by beverage category, the low-priced sparkling beer category increased by 66.8% compared to last year, reflecting the recent value-for-money trend sweeping the liquor industry. Conversely, wine sales, which showed rapid growth during the pandemic, declined by 17.9% due to relatively high prices. However, the industry expects the wine market’s sluggishness this year to be due to last year’s high growth, forecasting a rebound next year centered on sparkling wines such as champagne, supported by the popularity of home parties and club culture.