The Rise and Dwindle of Liquid Gold: Why Every Bar, Club, and Spirits House in Asia Must Pay Attention

Shoant Teoh
Jul 29, 2025
4 min read

For decades, whisky was liquid gold — a symbol of success, sophistication, and serious spending. From Tokyo’s whisky bars to Shanghai’s collector circles and Singapore’s high-end clubs, premium spirits were not just drinks — they were culture.

But now, that golden age is facing a quiet yet seismic shift. And it’s time Asia’s nightlife and spirits industry take serious note.

The Golden Empire: Whisky’s Reign Across Asia From Prestige to Power

Suntory’s rise — especially after acquiring Beam Inc. in 2014 for US$16 billion — symbolized Asia’s growing dominance in the premium spirits game. Japanese whiskies like Hibiki, Yamazaki, and Hakushu became icons in collector culture, fetching record-breaking prices at auctions and dominating luxury bar menus from Seoul to Hong Kong.

The Numbers Told a Story of Growth

In China, the premium whisky market grew by 37% YoY pre-pandemic (IWSR).
Taiwan became the No.1 export market for Scottish single malts in Asia.
In Singapore, the average spend per whisky bottle in premium venues rose to S$450 in 2019.

A Cracked Cask? The Rare Whisky Bubble May Have Burst

While prestige bottles continue to attract headlines and collectors, the rare whisky market is facing a sharp correction. According to a 2024 report by Edinburgh-based investment bank Noble & Co, the value of rare whiskies sold at auction plunged 40% in the year to October 1, while volume declined 34% for bottles priced over £1,000. This marks a dramatic acceleration from the previous year’s 7% drop in value, despite a brief uptick in trading volume.

Noble’s analysts suggest that the bubble may have “finally burst”, as global economic pressure, inflation, and shifting investor priorities dampen demand for high-end collectible spirits.

For bars, clubs, and spirit houses across Asia, this signals a critical insight: whisky is no longer a guaranteed blue-chip asset, and strategies need to adjust. Prestige offerings must now be paired with meaningful storytelling, curated experiences, and modern relevancy — not just scarcity.

The Decline Begins: Younger Drinkers, New Preferences

Suntory CEO Takeshi Niinami recently told CNBC: Check the full interview

“Younger generations are not drinking hard spirits. This trend is likely irreversible.”

Across Asia, Gen Z and younger Millennials are drinking less — and differently.

Why?

Health consciousness: 75% of Gen Z in APAC say they want to “drink less for health.”
Economic pressure: The post-COVID economy and inflation have made premium whisky a rare indulgence.
Cultural shift: New generations associate spirits with their parents — not their peers.

Even in Japan, long considered a whisky haven, consumption of hard liquor among 20-30 year-olds has dropped by over 20% in the last decade.

The New Wave: RTDs, Low-ABV, and Experience-Driven Drinking

Asia is now seeing explosive growth in Ready-to-Drink (RTD) beverages:

In South Korea, RTD sales jumped over 60% YoY in 2023 (Euromonitor).
Thailand’s low-ABV segment now accounts for 28% of total alcohol market share.
In Japan, Suntory’s -196 RTD cans dominate shelves, targeting younger, health-aware consumers.

And the trend isn’t just lower ABV — it’s social, convenient, and experiential. Instead of sipping a neat Yamazaki, younger drinkers want:

Canned highballs at music festivals
Flavored low-sugar seltzers at rooftop lounges
Mocktail-forward menus that feel modern and “Instagrammable”

The Premium Paradox: Prestige Isn’t Dead, It’s Just Niche

Don't confuse decline with death.

What’s still working:

High-end collector bottles still sell out within hours — but the buyers are fewer, older, and more selective.
Private tasting rooms and clubs (like Club Qing in HK or Bar Orchard in Tokyo) are thriving by offering curated, intimate experiences.
Investment-grade whisky is now seen more like fine art — purchased rarely, enjoyed slowly, and traded strategically.

But:

Bars and clubs relying solely on bottle sales and premium pours for Gen Z revenue… are in for disappointment.

Why Every Club, Bar, and Trading House in Asia Must Pay Attention

The Economic Impact is Real

Asia’s spirits market is diversifying fast. RTD and low-ABV categories are expected to make up 1 in 3 new alcohol product launches by 2026 (IWSR).

Clubs and bars that don’t adapt will lose the next generation of spenders — not just in volume but in relevance.

Import and Tariff Strategies Are Changing

With rising global protectionism, brands like Suntory are shifting to local bottling and partnerships. If you're a distributor or spirits house, it's time to:

Evaluate local bottling deals
Push for collaborative labels
Explore sustainable, low-volume, high-margin models

The "Bar of the Future" Looks Different

The next-gen bar is:

Sustainable: No more 20-page whisky menus, just curated storytelling.
Flexible: Featuring seasonal low-alcohol cocktails with occasional collector pours.
Digital-first: Leveraging TikTok and micro-influencers to push new experiences, not labels.

Malaysia: Will We Follow?

Malaysia often follows broader Asia-Pacific trends — though at a slightly slower pace.

Signs of shift:

Growth in canned cocktails, especially around urban Klang Valley.
More women and Muslim-friendly venues experimenting with zero-proof cocktails.
Rise of premium tea-bars and coffee cocktail lounges replacing old cigar lounges.

The Malaysian market may still have room for “liquid gold,” but that window is narrowing. The smart move? Start blending prestige with modern preferences now.

Final Thoughts: The Gold Hasn't Lost Its Shine — But It Needs a New Setting

The sun hasn’t set on whisky — but it’s no longer the whole show.

For Asia’s club owners, bar operators, and spirits traders, now is the moment to evolve:

Diversify menus with RTDs and low-ABV options.
Turn premium bottles into exclusive experiences, not everyday items.
Embrace new generations with fresh formats, health-conscious offerings, and experiential storytelling.

In short: Protect the gold, but don’t ignore the wave.

The Prestige Lives On

Yet even with market corrections, the mystique of truly rare whisky endures. In November 2023, the Macallan 1926, Cask No. 263 featuring the Valerio Adami “pop‑art” label sold for a record US $2.7 million, cementing its place as the most expensive whisky bottle ever sold. A similar Macallan 1926 previously fetched £2.1 million (~US $2.7 million). These moments reflect a deeper truth: authenticity, heritage, and craftsmanship still hold immense value — especially when fused with modern narrative and exclusivity.