Korea’s whiskey imports likely to hit record high in 2023

highball [Courtesy of GS25]

South Korea’s whiskey imports could hit a record high this year, helped by a boom in demand among Millennials and Generation Z consumers. The rich taste, aroma, and the long-established brand value of whiskey have elevated the distilled liquor to a “hip” alcoholic beverage among young consumers, making it highly popular in the Korean market.

According to trade statistics from the Korea Customs Service on Wednesday, the country imported 24,968 tons of whiskey, including scotch and bourbon, in the first nine months of 2023. With 27,038 tons imported last year, it is almost certain that this year’s imports will surpass the 2022 figure. Should the current trend continue through the end of the year, it is also very likely that this year’s annual imports will surpass the record high of 27,379 tons set in 2002, when whiskey consumption surged due to the popularity of “bomb shots,” a mix of liquor and beer that is Korea’s answer to the Irish car bomb, that was centered nightlife venues in on Gangnam, southern Seoul.

The value of whiskey imports totaled $233 million as of September 2023, with the potential to exceed the previous year’s level of $266.84 million. Whisky imports saw a record value of $270.29 million in 2007 with an import volume of 23,176 tons.

After peaking in 2002, whiskey imports steadily declined until the Covid-19 pandemic reversed the downward trend. As having a drink at home and drinking alone became a part of mainstream culture, and whiskey is increasingly viewed as a hip liquor among young drinkers who are seeking new experiences, imports started increasing again. The popularity of “highball” drinks, or mixed alcoholic drinks with sparkling and tonic water, also contributed to a significant increase in the import of mid-range and low-priced whiskeys.

“Generation MZ perceives whiskey not just as an expensive drink but as a drink that reflects their personality and social status, which is driving increased consumption,” an industry insider said.