Unwavering whiskey fad in Korea, held up by mass-market spirits

The whiskey hype, which started during the COVID-19 pandemic, shows no sign of receding in South Korea, and the latest craze, mainly driven by affordable spirits more accessible to young people, is expected to lead the country’s whiskey market to outgrow the wine market soon.

According to data released by the Korea Customs Service on Friday, Korea’s whiskey imports in the January-October period reached 26,937 tons, up 26.7% from the same period of last year.

This is nearly tantamount to the country’s whiskey imports for the whole of last year, which stood at 27,038 tons.

Considering that alcoholic beverage sales generally grow more rapidly at year-end due to end-of-the-year parties and the approaching holiday season, it is almost certain Korea’s scotch imports for this year will outpace those of last year's record high, and top 30,000 tons.  

HIGHBALLS GAIN IN POPULARITY

But the scotch import value grew at a slower pace than the volume growth.

Korea’s total whiskey import value in the first 10 months of this year amounted to $221.5 million, up 1.5% from the same period of last year. In 2022, the country imported $218.1 million of bourbon, 24.4% higher than in 2021.

The average import price of whiskey in January-October also dropped to $8,220 per ton from last year’s $9,869.

This is due to young people’s craze for highballs, a mixed drink made with a shot or two of liquor and a larger portion of non-alcoholic beverages, coupled with the economic slowdown, which has dampened demand for premium Single Malt Scotch whiskey.

But the country’s imports of Japanese whiskey, the main ingredient in a certain highball, more than doubled to $5.3 million in the January-July period from the same period of last year, according to the Korea Trade Statistics Promotion Institute.

FIZZLING WINE BOOM

Koreans’ unceasing whiskey love contradicts the country’s cooling wine market.

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The country’s wine imports in the first half of this year dropped 10.8% on-year to 31,300 tons, according to customs data. Wine imports have been falling since 2021 when they hit an all-time high of 76,575 tons.

The country’s wine bubble burst after the end of the pandemic, which mainly drove wine drinking at home.

But the Korean scotch market is expected to remain solid for a while thanks to the ongoing highball frenzy, diverse whiskey cocktail recipes and a wide range of spirits available in the local market.

Punting on the boom, the local restaurant industry is actively teaming up with whisky distilleries to grab the attention of young consumers.

Local coffee franchise operator A Twosome Place recently rolled out cakes, bakery products and drinks in partnership with Glenfiddich, the Scottish distillery behind the world’s most famous single malt Scotch whiskey brand.

The Korean operations of American burger chain Shake Shake also joined hands with US bourbon whiskey maker Maker’s Mark to introduce new burgers containing a special whiskey sauce.

Insatiable whiskey demand has even led some big-box supermarkets in Korea to store more whiskey than imported beer.

The Scotch Whisky Association’s Chief Executive Mark Kent foresees steady growth of the whiskey market in the long term although slowing growth of the premium whiskey market this year from last year when the whiskey market grew exponentially on a surge in demand to stockpile spirits at homes and bars.

Write to Young Chan Song at 0full@hankyung.com

Sookyung Seo edited this article.