United Spirits' mass-market liquor sales slump as inflation squeezes lower-income consumers, premiumisation takes centre stage

United Spirits is facing subdued demand in its mass-market liquor portfolio as inflation squeezes lower-income consumers, while regulatory changes in Maharashtra and Karnataka further weigh on sales. The Diageo-controlled company is relying on premium brands for growth, even as higher input costs linked to the West Asia conflict and weaker monsoons add pressure.