Whisky Advocate: Pound’s Weakness Boosts Buying Power For U.S. Scotch ConsumersSeptember 23, 2022
The current weakness of the British pound against a strong dollar is expanding buying opportunities for U.S. Scotch whisky consumers, Whisky Advocate reports. Sterling slumped to its lowest position against the dollar in 37 years on September 16, drifting below $1.14 at times. (This morning it’s been trading even lower, at around $1.11, after the U.K. announced a new economic plan focused on tax cuts and business incentives to boost growth.)
As the U.K. economy heads for recession, a climate of high inflation has led to a slump in retail sales, driven by the soaring cost of energy across Europe. The dollar’s rally and the erosion in the pound’s value could lead to the currencies moving even closer to parity in 2023.
Whisky Advocate found substantial savings of 15%–47% in a survey of retail prices of whiskies between stores in New York and London. For online customers, major U.K. wine and spirit retailers offer shipping to U.S. states where legal. Whisky Advocate’s website has more.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.
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