{"id":2440,"date":"2026-03-02T10:55:19","date_gmt":"2026-03-02T09:55:19","guid":{"rendered":"https:\/\/www.anglarnasandel.se\/?p=2440"},"modified":"2026-02-10T18:11:08","modified_gmt":"2026-02-10T17:11:08","slug":"the-impossible-price-equation","status":"publish","type":"post","link":"https:\/\/www.anglarnasandel.se\/?p=2440&lang=en","title":{"rendered":"The Impossible Price Equation"},"content":{"rendered":"

Something doesn\u2019t 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 \u2013 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.<\/span><\/p>\n

In the UK, figures from the Office for National Statistics show that the price per \u201cnip\u201d of whisky rose by around 49% between 2014 and 2023. Over the same period, inflation swung wildly \u2013 peaking at 7.9% in 2022 and 6.8% in 2023 \u2013 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.<\/span><\/p>\n

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\u2019ve grown used to today\u2019s price levels, I was genuinely taken aback by those figures.<\/span><\/p>\n

Premiumisation \u2013 or the Devil in the Distillery<\/b><\/h2>\n
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Oh no! Drinking an exclusive single malt from a tumbler! With ice! *ClutchingMyPearls*<\/figcaption><\/figure>\n

This is where I start to feel that faint, simmering irritation. \u201cPremiumisation\u201d 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 \u201cspecial bottlings\u201d that sound utterly unique but often have suspiciously close cousins in the core range.<\/span><\/p>\n

The price differences are frequently far greater than the differences in the liquid itself. But the feeling of exclusivity? Carefully choreographed. Because FOMO sells. \u201cExclusive for XXX.\u201d\u00a0 \u201cOne-time release.\u201d \u201cDistillery only.\u201d <\/span>It\u2019s skilful \u2013 almost admirable \u2013 but also fairly transparent. The relationship between consumer and distillery \u2013 that sense of \u201cwe\u2019re part of the journey\u201d \u2013 suddenly becomes a tool. A lever. A nerve to press when justifying the price tag.<\/span><\/p>\n

Right. Deep breath, Frida. That\u2019s probably a separate post. Let\u2019s park premiumisation and move on.<\/span><\/i><\/p>\n

The Sherry Cask as Universal Excuse<\/b><\/h2>\n

Then there\u2019s 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 \u2013 all of that is real. But there\u2019s a detail that\u2019s rarely mentioned out loud:<\/span><\/p>\n

The sherry used to \u201cseason\u201d casks before they\u2019re filled with whisky is generally not intended for drinking. It\u2019s produced specifically for the cask industry. The argument that \u201cpeople drink less sherry, therefore casks are more expensive\u201d doesn\u2019t 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\u2019re not drinking it at all. At best, it ends up as vinegar. <\/span>Es todo.<\/span><\/i><\/p>\n

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 \u201cluxury\u201d more than it necessarily delivers it? There\u2019s nothing inherently wrong with paying for style. But let\u2019s at least be honest about what\u2019s romance and what\u2019s raw material cost. And what kind of sherry we\u2019re actually talking about. With a bit of goodwill, almost anything can be labelled \u201csherry from Jerez\u201d, 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. \u201cShitry\u201d, perhaps.<\/span><\/p>\n

The Beginner Who Never Arrived<\/b><\/h2>\n
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Mix more, people – MIX MORE! Plus, a Whisky Soda is actually pretty classic, right?<\/figcaption><\/figure>\n

What worries me most isn\u2019t those of us who are already hooked. It\u2019s the person who\u2019s 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 \u00a360 or \u00a370 and up. Meanwhile, the gin and rum are sitting there. Cheaper. Easier to mix. Less burdened with unwritten rules about how they \u201cshould\u201d be consumed. If you also get the sense that you absolutely must not mix your single malt into a cocktail \u2013 that doing so borders on sacrilege \u2013 then, honestly, it becomes rather easy to choose something else.<\/span><\/p>\n

And when the 60-plus generation, which has carried much of the category\u2019s consumption, begins to scale back for health or financial reasons\u2026 who replaces them? Premiumisation doesn\u2019t appeal to everyone. FOMO doesn\u2019t work on everyone. Not everyone dreams of flashy cars, watches or designer scarves. Some people just want something nice in their glass. And they\u2019ll go where that\u2019s possible \u2013 where they feel welcome without first needing to earn a six-figure salary.<\/span><\/p>\n

The Investment Bubble That Deflated<\/b><\/h2>\n

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\u20132024, sales figures began to soften. Stock levels are building. Distilleries on Islay report declining sales. Suddenly the equation looks brutal: Fewer consumers \u00d7 higher interest rates \u00d7 weaker purchasing power. Not everyone survives that multiplication.<\/span><\/p>\n

The Small Dream<\/b><\/h2>\n
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Who am I kidding – this is the frikkin’ dream, right?<\/figcaption><\/figure>\n

I\u2019ve heard whispers that some companies are considering price reductions to win back those who drifted towards rum, gin or entirely different priorities. If that\u2019s true, I hope more have the courage to follow. Of course companies need to make a profit. Romance doesn\u2019t pay wages or energy bills. But in recent years there\u2019s been a certain momentum-blindness, an overconfidence that demand is endless and loyalty bottomless. It isn\u2019t.\u00a0<\/span><\/p>\n

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\u2019m perfectly fine with that.Easy for me to say, I know. But one is allowed to dream.<\/span><\/p>\n

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For those who like to see the numbers behind the waffle (I won’t judge, promise!):<\/b><\/p>\n