Alcopops are back in fashion, says Smirnoff Ice owner
Nik Jhangiani, interim chief executive of Diageo, said there was a 'huge opportunity' to win over Generation Z as it noted a boom in demand for premixed cocktails and alcopops.
He said Gen Z customers who were drinking for the first time were doing so by consuming spirits and pre-made cocktails, reversing a previous trend where younger generations were introduced to alcohol through beer.
It comes after data from drinks experts IWSR showed that 73pc of Gen Z have consumed alcohol in the previous six months, compared with 66pc two years ago.
Ready-to-drink cocktails such as BuzzBallz have surged in popularity in recent months, with the brand one of the fastest growing drinks ranges in the UK.
The drinks, which became popular after going viral on TikTok, are known for their brightly coloured packaging and quirky names such as Lotta Colada and Watermelon Smash.
Mr Jhangiani said Diageo was seeing more young people buying spirits, with the drinks giant well placed to 'offer a huge range of choices' including more flavours and calorie choices.
He said Diageo had once been a leader in alcopops with its Smirnoff Ice brand, adding that the company would 'rightfully have the ability to gain that [position] back', with plans to boost sales of Smirnoff Ice drinks again. The company launched a new advertising campaign for the brand across more than 20 countries in June.
Diageo has also previously credited younger people, particularly women, for boosting sales of Guinness.
Mr Jhangiani's comments came as profits fell 28pc to $4.3bn (£3.2bn) in the year to July compared with a year earlier as it said it would take a $200m hit from Donald Trump's tariff war.
The company is also battling a slowdown in consumer spending. Diageo said on Tuesday it would ramp up a cost-cutting programme to revive the business, removing $625m (£470m) of costs over the next three years, $125m higher than previously planned.
Last month, Diageo appointed Mr Jhangiana as its new interim chief executive, after abruptly parting ways with previous boss Debra Crew.
Diageo shares rose as much as 6pc as investors were buoyed by the cost-saving plans.
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