Not just college students, rich Indians also favor Old Monk
Since its launch in 1954, Old Monk has become synonymous with dark rum, cementing itself in the market as an affordable, yet quality alcoholic beverage- not to mention the vanilla punch that gives it its iconic smooth taste. However, as it turns out, the Indian liquor brand is the most popular among even rich Indians, a new survey has revealed. Here are more details.
The Hurun Indian Luxury Consumer Survey 2019, released recently, aims to understand evolving patterns of lifestyle, consumption, and brand awareness of high-net-worth Indians (HNIs). The report revealed that Old Monk remains the most popular Indian liquor brand among HNIs. The cheap brand is the preferred drink for low-income customers too. Based on the new findings, it seems Old Monk's appeal knows no class barriers.
Notably, Old Monk was introduced in 1954 by Mohan Meakin Pvt. Ltd. In the 1970s, when retired brigadier Kapil Mohan took over from his father, NN Mohan, the dark rum became increasingly popular. However, Old Monk's market share declined over the decades with increasing competition, dropping to 5% of India's rum market by 2014. After Kapil's death in January 2018, Old Monk's fame resurged.
In fact, Mohan Meakin finds its roots back to 1855. An English entrepreneur, Edward Abraham Dyer, established a brewery in Kasauli to manufacture the Lion brand of beer. After opening several other breweries and distilleries, the company merged with another British-run brewery, Meakin & Co. Post India's independence, the company was acquired by NN Mohan and was renamed as Mohan Meakin Breweries in 1949.
Other findings in the Hurun report said that the UK is the most favored overseas investment destination among HNIs, followed by Singapore. HNIs said their investment philosophy for this year would be "avoiding risk." However, 14% said that they will make "active investments." The report added that watches are among the most popular gift among men, while jewelry took the top spot for women.
