Global Bar, Pub & Drinking Places Industry
Rising unemployment and falling levels of disposable income due to the economic recession brought about changes in the global bar, pub and drinking places industry as consumers sought to cut back on spending on non-essential goods. Consumers also opted to drink at home, benefiting the beer, wine and liquor store industry, reports IBIS World. As economic recovery results in higher employment and rising levels of disposable income, the global bar, pub and drinking places industry should witness growing demand, with consumers opting to drink outside of the home.
The world bar and pub market encompasses bars, pubs, taverns, nightclubs, lounges and other drinking places that serve alcoholic beverages to the public. Some establishments serve beverages that are consumed on the premises. For nightclubs and discotheques, selling alcoholic beverages is their main source of revenue, with some such establishments also offering consumers food services. These establishments have high product turnaround, but low profit margins. This makes the nightclub industry highly sensitive to economic changes, such as the recent downturn.