Abstract:

Before travel started to return to pre-COVID-19 pandemic levels, a business challenge presenting a remarkable opportunity for Pernod Ricard Global Travel Retail (PR GTR) emerged: in a post-pandemic world, how can we be pioneers and cement leadership in luxury spirits? The market for bottles costing more than USD $100 is growing?as is the ultra-prestige (those even more special, rare and desired liquids) for which the price can be much greater?into four, sometimes five, digits. This is why the market is totalling $2 billion and growing. Central to success is understanding ultra-high net worth individuals (UHNWIs) and crafting a four Ps (product, price, place and promotion) strategy. Following careful planning, research project execution, continued engagement with global teams and executive leadership the global insights function?s process management; consolidation of insights; and strategy formation and alignment with teams gave PR GTR leadership confidence to boldly seize the opportunity. We did this through developing bespoke and tailored strategies for a unique travel retail channel catering to UHNWIs at global hub airports. Finally, we explored how to realise this vision, testing our travel retail concept with UHNWIs across priority markets. The consistency of insights gave management the confidence that this significant move, involving large CapEx and OpEx, was the right one. In a nutshell, this paper will explain our undertaking and show that with discipline and planning, insights teams can influence business strategies and investment in tens of millions of dollars.