Pernod Ricard targets Chinese millennials in bid to grow market share
Pernod Ricard is targeting millennials in a bid to boost its share of China’s 1 trillion RMB ($156bn) alcohol market.
Pernod Ricard, which owns the Absolut brand, aims to double China's international spirit market
The French spirits company, which owns the Chivas Regal, Absolut and Martell brands, has revealed plans to double the international spirits market in China from 1% to 2% by 2025.
Pernod Ricard is targeting the country’s younger generation and its expanding middle classes who have higher disposable incomes.
Pernod Ricard China managing director Jean-Etienne Gourgues told China Daily, the China market was the companies second largest, behind the US and was an "extremely significant strategic market" for the company. He also said he expects to achieve double-digit growth this fiscal year after a strong performance by the company’s brands.
China’s spirit market is dominated by Baijiu, the Chinese alcohol which last year became the world’s most valuable spirit. However, Pernod Ricard claims to hold a 40% share of the international spirit market.
Pernod Ricard is engaging with millennial audiences through a combination of tactics, including Absolut’s sponsorship of iQiyi’s hit programme The Rap of China, as well as selling cocktail kits online which can be delivered to homes within an hour.
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