BACARDI – Cocktail Trends Report, 2024

BACARDI's Cocktail Trends Report for 2024 highlights the changing landscape of cocktail culture and the spirits industry. In 2023, individuals took the opportunity to understand their tastes, needs, and values, amidst ongoing economic, political, and environmental changes. The 2020s are being hailed as a decade of unprecedented changes, and future-facing brands are embracing these shifts rather than clinging to the past. In 2024, consumers are seeking new experiences and are more discerning about what they want and need. Their values and expectations are reshaping cocktails, spirits, and drinking culture. The report identifies trends such as flexitarian consumption, where NoLo (No or Low alcohol) approaches are gaining popularity, post-party preferences creating new spaces for drinking, and sustainable attitudes driving meaningful change in the industry. Martin Raymond, Co-Founder of The Future Laboratory, emphasizes the importance of social connection, togetherness, and experience in the cocktail culture. BACARDI, in collaboration with strategic foresight consultancy The Future Laboratory, conducted consumer and brand ambassador surveys, interviewed the bar and restaurant trade, and conducted independent research to create this report. The aim is to provide insights into the key trends that will redefine cocktail culture and the spirits business in 2024.