South Korea: Diageo to raise prices of some of its whiskey and tequila brands

Diageo Korea announced it will raise the price of some whiskey and tequila by about 18% from next month, mk.co.kr reported on June 24.

There are five types of items to be raised: Don Julio Blanco, Reposado, Anejo, Malt Rock 16, and Copper Dog.

Diageo Korea said, "We have adjusted the prices of some products in consideration of the consistency of our price policies with foreign countries."

Diageo Korea raised the prices of Johnny Walker Blue, Black, and Red in 2022, and also raised the prices of Johnny Walker Red, Green, 18, and Guinness Draft by 5-9% in December last year.

Meanwhile, the whiskey market, which had been in a slump for a long time due to the images of "dad's alcohol" and "cold liquor," has entered a new heyday in recent years, gaining popularity among people in their 20s and 30s. The number of overseas imports has nearly doubled in two years.

According to the Korea Customs Service's import and export trade statistics, imports of whiskey such as Scotch and bourbon increased 95.3% in two years from 15,661 tons in 2021 to 35,586 tons in 2023. It is interpreted as a result of the disappearance of prejudice against high-end alcohol and the spread of "high ball" among young people.

26 June, 2024