Spirits priced above $50 posted an 8.9% revenue drop in the United States.

A new SipSource market report says the U.S. wine and spirits business is no longer moving in one clear direction, with wine showing some improvement while spirits continue to weaken, especially at higher price points.

The July 2026 report, released Sept. 9 in Washington, found that total wine and spirits volume in the United States fell 6.8% over the last 12 months, while revenue declined 6.1%. Over the latest three-month period, volume was down 6.2% and revenue also fell 6.1%. Those topline figures suggest a market still under strain, but the report said the more important change is happening beneath the surface, where the two categories are beginning to perform differently.

Spirits remain under the heaviest pressure. SipSource said spirits volume fell 5.7% over the latest three months, while revenue dropped 7.1%. That was weaker than June, and the decline in revenue outpaced the decline in volume. The report said that gap points to continued pressure on premiumization, a sign that consumers are pulling back on more expensive bottles and looking for better value.

The weakness was broad across price tiers, but it was most visible at the higher end of the market. SipSource said every spirits price segment is now down more than 5% in revenue. The $50 to $99.99 range posted one of the sharpest declines, with revenue down 9.5%. Taken together, spirits priced above $50 recorded an 8.9% revenue drop. That pattern suggests that the premium and super-premium parts of the category, which had been important growth drivers in recent years, are now facing a stronger consumer pullback.

Wine, while still in decline overall, is showing a more stable picture. SipSource said wine volume fell 6.8% over the latest three months, but that marked an improvement from June by 110 basis points, or 1.1 percentage points. Wine revenue was down 4.2%, a smaller decline than in spirits. The report said higher-priced wine is holding up better than higher-priced spirits, with revenue performance improving notably at price points of $16 and above.

At the top end of the wine market, SipSource found a small gain rather than a decline. Wine priced above $50 posted 0.9% revenue growth over the latest 12 months. That does not indicate a broad market rebound, but it does suggest that some consumers are still willing to spend on wine in premium segments even as they become more cautious in spirits.

The report also identified several wine categories that are growing despite the broader downturn. Champagne revenue rose 14.7% in the latest three months, Prosecco increased 10.2%, and Sauvignon Blanc grew 3.2%. Those gains point to continuing demand in sparkling wine and in certain varietals even as total wine sales remain below year-earlier levels.

Another area of relative strength was the on-premise business, which includes bars and restaurants. Across wine and spirits combined, on-premise volume declined 2.8% over the latest 12 months, compared with a 7.5% drop in off-premise channels such as liquor stores, grocery stores, and other retail outlets. The figures suggest that consumers are cutting back more sharply on purchases for home consumption than on purchases made when dining out or drinking away from home.

The stronger on-premise performance matters because it changes where suppliers and distributors may find more stable demand. A smaller decline in restaurants and bars can help offset some retail weakness, even if it does not fully reverse overall market losses. For producers and wholesalers, that split also offers a clearer view of where consumer behavior is changing fastest.

SipSource said the central issue for the rest of the year is whether the gap between the two categories will continue to widen. Spirits producers are facing weaker revenue trends and deeper pressure in premium price bands, while wine suppliers are seeing modest improvement in trend lines and continued support in sparkling wines and higher-priced bottles.

The report describes a market that still looks weak at the headline level but is becoming more uneven by category and price. In spirits, consumers appear to be trading down more aggressively, especially above $50. In wine, the declines remain significant, but some premium segments and specific products such as Champagne, Prosecco, and Sauvignon Blanc are still posting gains, while bars and restaurants continue to perform better than retail stores.