Something doesn’t quite add up anymore. For the past few years, words like inflation, interest rates and shrinking purchasing power have crept into everyday conversation. According to Ekonomifakta, real wage growth in Sweden has actually been negative in recent years – salaries may have gone up on paper, but not at the same pace as prices. What looks like a plus in your payslip feels like a minus in your wallet. And meanwhile? Whisky prices have shot off into the stratosphere.

In the UK, figures from the Office for National Statistics show that the price per “nip” of whisky rose by around 49% between 2014 and 2023. Over the same period, inflation swung wildly – peaking at 7.9% in 2022 and 6.8% in 2023 – seriously eroding purchasing power. Median income in the UK did increase, yes, but at a far more modest pace than many of the bottles lining the shelves.

On the secondary market, things moved even faster. According to Rare Whisky 101, the average price per bottle rose by roughly 76% between 2016 and 2021. Somewhere along the line, something shifted. Even though I’ve grown used to today’s price levels, I was genuinely taken aback by those figures.

Premiumisation – or the Devil in the Distillery

Oh no! Drinking an exclusive single malt from a tumbler! With ice! *ClutchingMyPearls*

This is where I start to feel that faint, simmering irritation. “Premiumisation” is the word of the day. Everything has to move up a tier. More special editions. More exotic casks. Limited batches. Travel Retail exclusives and “special bottlings” that sound utterly unique but often have suspiciously close cousins in the core range.

The price differences are frequently far greater than the differences in the liquid itself. But the feeling of exclusivity? Carefully choreographed. Because FOMO sells. “Exclusive for XXX.”  “One-time release.” “Distillery only.” It’s skilful – almost admirable – but also fairly transparent. The relationship between consumer and distillery – that sense of “we’re part of the journey” – suddenly becomes a tool. A lever. A nerve to press when justifying the price tag.

Right. Deep breath, Frida. That’s probably a separate post. Let’s park premiumisation and move on.

The Sherry Cask as Universal Excuse

Then there’s the cask question. Sherry casks have become something of a magic explanation. More expensive casks, higher prices. And yes, cask prices have risen. Demand for European oak, transport costs, energy prices – all of that is real. But there’s a detail that’s rarely mentioned out loud:

The sherry used to “season” casks before they’re filled with whisky is generally not intended for drinking. It’s produced specifically for the cask industry. The argument that “people drink less sherry, therefore casks are more expensive” doesn’t quite hold when drinking sherry and cask sherry are two entirely different markets. We are not drinking less of the sherry many whisky companies use, because we’re not drinking it at all. At best, it ends up as vinegar. Es todo.

So the question quietly creeps in: is the sherry cask sometimes more of an aesthetic value carrier than an actual cost shock? Something that signals “luxury” more than it necessarily delivers it? There’s nothing inherently wrong with paying for style. But let’s at least be honest about what’s romance and what’s raw material cost. And what kind of sherry we’re actually talking about. With a bit of goodwill, almost anything can be labelled “sherry from Jerez”, but if no one is buying the liquid that previously sat in that cask to drink it, perhaps we should call it something else entirely. “Shitry”, perhaps.

The Beginner Who Never Arrived

Mix more, people – MIX MORE! Plus, a Whisky Soda is actually pretty classic, right?

What worries me most isn’t those of us who are already hooked. It’s the person who’s just landed their first proper job. The one browsing the shelves and realising that an entry-level single malt from a well-known brand now costs £60 or £70 and up. Meanwhile, the gin and rum are sitting there. Cheaper. Easier to mix. Less burdened with unwritten rules about how they “should” be consumed. If you also get the sense that you absolutely must not mix your single malt into a cocktail – that doing so borders on sacrilege – then, honestly, it becomes rather easy to choose something else.

And when the 60-plus generation, which has carried much of the category’s consumption, begins to scale back for health or financial reasons… who replaces them? Premiumisation doesn’t appeal to everyone. FOMO doesn’t work on everyone. Not everyone dreams of flashy cars, watches or designer scarves. Some people just want something nice in their glass. And they’ll go where that’s possible – where they feel welcome without first needing to earn a six-figure salary.

The Investment Bubble That Deflated

During the 2010s, whisky entered the investment arena. Whisky Invest Direct and similar platforms showcased steadily rising bulk malt prices. Rare Whisky 101 reported record highs. But in 2023–2024, sales figures began to soften. Stock levels are building. Distilleries on Islay report declining sales. Suddenly the equation looks brutal: Fewer consumers × higher interest rates × weaker purchasing power. Not everyone survives that multiplication.

The Small Dream

Who am I kidding – this is the frikkin’ dream, right?

I’ve heard whispers that some companies are considering price reductions to win back those who drifted towards rum, gin or entirely different priorities. If that’s true, I hope more have the courage to follow. Of course companies need to make a profit. Romance doesn’t pay wages or energy bills. But in recent years there’s been a certain momentum-blindness, an overconfidence that demand is endless and loyalty bottomless. It isn’t. 

What matters most to me is that as many distilleries as possible make it through this period. That we continue to have craft, variation and stories. If that means a few suited executives book one fewer luxury trip and shave a little off the price per bottle instead? I’m perfectly fine with that.Easy for me to say, I know. But one is allowed to dream.

 

For those who like to see the numbers behind the waffle (I won’t judge, promise!):