Consumer Snippets – 7 August 2026

GLP-1 impact on alcohol consumption

Yesterday’s Capital Markets Day by Diageo provided interesting insight into GLP-1 drug adoption and its effect on alcohol consumption. Penetration of GLP-1s within the drinking age population in the US currently stands at 10-12% and is expected to rise to 20-25% by 2029, while Europe and RoW adoption is assumed to follow a similar trajectory albeit from a much lower base (0-3% and <1% respectively in 2025).

Data shows that spend on spirits (including RTDs) among GLP-1 users was 2% lower than non-users, a smaller decline than the 4% and 5% seen in beer and wine respectively. Diageo was keen to characterised this as a one-time level effect rather than a compounding issue, and argued that with US adoption moving from c.10% to a potential 25% over the next four years, a -2% expected fall in consumer spend is a manageable headwind.

At least 50% of GLP-1 users continue to visit a pub or bar weekly, special occasions (where spirits over-index) are being protected even as habitual snacking and drinking are cut back, and some users are creating new occasions to socialise while favouring lower-calorie, lower-volume formats, which also benefits the RTD category. Diageo will put a greater focus on RTDs, where it currently under indexes, as convenience becomes an increasingly important feature of consumer purchasing habits.