Data read: The Scotch whisky premiumisation strategy generated industry-leading returns for a decade. The conditions it was designed for have changed

The Scotch whisky category has been running the same commercial strategy for the better part of a decade. The argument goes like this: volume is not the point. Value is. Move consumers up the price ladder. Exit lower-margin expressions. Invest in ultra-premium. Build brand equity that justifies higher prices and generates better returns than the mainstream alternatives. The strategy has a name – premiumisation – and it has been stated, restated, and elaborated upon in virtually every major Scotch producer’s annual reports, earnings calls, and investor presentations since at least 2018.