Are we in a global whisky recession?
Is demand for the water of life running dry? I’ve just returned from a trip to Islay in Scotland, which has more whisky distilleries per square mile than anywhere else in the UK, and several of its famous single malts are struggling. Suntory, which owns Bowmore and Laphroaig, announced in February that it was merging the staff of the two brands, with Bowmore ceasing production until the end of the year, and Laphroaig putting its planned expansion on hold. Meanwhile, Sainsbury’s recently dropped the price of a bottle of eight-year-old Lagavulin to £40, down from its recommended retail price of £52.50. Are we in the foothills of a global whisky recession? Alice from the Lagavulin visitors’ centre, who took Caroline and me on a tour on Sunday morning, seemed fairly bullish.