S. Korean whiskey sales fall on economic gloom

SEOUL, March 26 (Yonhap) -- South Korean whiskey sales fell last month as people
cut down their bar bills as the economy is headed for its first recession in a
decade, industry data showed Thursday.
Some 1.46 million bottles of whiskey were sold in February, down seven percent
from the same period last year, the data showed.
South Korea is facing its worst downturn since the 1997-98 Asian financial crisis
as the deepening global economic slump wilted demand for the nation's cars,
flat-panel televisions and ships.
As consumers tighten their belts, sales of pricey 17-year-old whiskey plunged.
Last month, the Korean unit of Pernod Ricard SA, the world's second-largest
liquor maker, sold 16,400 bottles of 17-year-old Imperial whiskey, down 38
percent from a year earlier, according to the company.
Diageo Korea, the local unit of Diageo Plc, the world's biggest distiller, saw
sales of its 17-year-old Windsor whiskey fall seven percent last month.
The government expects the economy to shrink 2.2 percent this year, which would
be the first annual contraction since 1998.
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