00:00 It's Benzinga and here's what's on the block. U.S. spirit sales revenue grew 0.2% in 2023,
00:05 at $37.7 billion, outpacing beer and wine for the second straight year.
00:09 Vodka held its spot as the best-selling spirit, with tequila and mezcal securing
00:13 second place and widening their lead over American whiskey. Tequila, mezcal, blended
00:17 whiskey, and American whiskey had the quickest revenue growth. Ready-to-drink cocktails grew
00:21 the fastest at 26.7% and were a bright spot as some luxury spirit sales weakened.
00:26 The industry's push towards higher-priced bottles has seen optimism despite major companies' reported
00:30 slowdown in premium spirit sales. While luxury spirit sales have declined since their peak in
00:35 2021, the swift growth of ready-to-drink cocktails has emerged as a positive trend for the industry.
00:39 For all things money, visit Benzinga.com.
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