May was all about the festivals — and what a month it was. From the Spirit of Speyside to the Campbeltown Malts Festival and the legendary Feis Ile, these events were the undisputed highlights of the whisky calendar. If you’ve never been, we can’t recommend them enough — just be sure to plan ahead, as tickets and accommodation go fast. Beyond the buzz of the festivals, though, the wider whisky world is facing some serious challenges. Distillery closures, reduced production, and a sluggish secondary market have left many wondering where things are headed. So we decided to take a closer look. Has whisky really become unaffordable? Surprisingly, the answer might be no. In fact, when adjusted for inflation — and with a bit of patience — 2025 could be the best time since 2015 to pick up a great bottle at a fair price. Yes, there are headwinds for producers, but for drinkers, there’s still plenty of opportunity out there.
Highlights
Without a shadow of a doubt the highlight of the month were the three big whisky festivals – Spirit of Speyside, Campbeltown Malts Festival (Springbank, Cadenheads, Glen Scotia and Watt Whisky) and Feis Ile. All whisky fans should visit at least once. Of course, their popularity can lead to problems getting accommodation or tickets for your preferred event. Planning ahead is essential, but worth it. And if you get the weather we had this year, then that is the icing on the cake.
Otherwise, pretty much the overall picture seems somewhat negative still, with a handful more distilleries closing or reducing production around the world. The secondary market (Auctions) also showed a decline after the “price stabilisation” of the first quarter. Whilst The Cask Connoisseur focuses on the UK, it should not be forgotten that the whisky market is global and what occurs elsewhere has an effect here. The uncertainty over tariffs to the USA probably accounted for the auction doldrums, whilst the 50% reduction in tariffs for export to India may well provide a bit of relief. India is the world’s biggest single whisky market. This is seen as a positive, but the likely impact of this reduction is probably limited due to how the Indian market operates.
The Cask Connoisseur decided to look a bit harder into the price of a bottle of whisky at retail and see whether this doom and gloom is justified, at least from a consumer perspective. Although our findings indicate that life is tough for producers. Undoubtedly whisky has gone up in price but look a bit harder and we’d argue it is no “worse” and possibly even cheaper in 2025 for the consumer than in 2015. Yes, you read that right, although we’re happy to hear other opinions. What might have changed is how and where to spot a bargain.
To come to that conclusion, we looked at whisky production, inflation, whisky clubs, retail discounting, independent bottlers and more. The conclusion was it is hard to get accurate information, mostly because available figures are averages, and whisky is far from an average product. But by comparing various data sources you can form a fairly robust opinion. It was a lot harder delving into production costs at a distillery as the available data is somewhat limited and variable. Hardly surprising since it is “commercially sensitive”. The below comments are a summary.
Inflation between 2015 and 2025. Variable depending on resource (If £10 cost in 2015 it would now cost between £13.61 and £16.00). Measuring the “inflation rate” is somewhat difficult and official figures often appear less than personal reality, but if you compare the increase in the cost of a dram provided by the Office for National Statistics, then using the higher figure seems reasonable.
Increases in tax and duty. Looking over the past 100 years, then this and inflation has the biggest impact on the price of a bottle. Roughly 70% of the price of an average bottle is made up of tax and duty. From 2015 this has increased by 18.5% to £32.79 per litre of pure alcohol ( ~£13.12 per bottle at 40% ABV).
Conclusion 1: The real cost of a bottle of whisky is roughly equivalent to that of 2015 allowing for inflation. For core range bottles it might even be less (kind of hard to conclude as somewhat dependent on discounting by supermarkets).
Whisky Production. Since 2015, the industry in the UK has more than doubled (theoretical maximum) production. This is a mixture of craft distilleries (producing <100,00 litres of pure alcohol a year) opening and established distilleries expanding production. This is hard to interpret as few distilleries operate to their maximum production. Theoretically, increased production of established distilleries should reduce costs per bottle. Craft distilleries almost certainly will have higher costs per bottle. Interestingly we were recently told by a craft distillery that £65 per bottle at retail of cask strength was their “breakeven” point. Of course, we have no way of verifying that or determining what their “breakeven” is. But we can see no obvious reason to dispute it.
Casks in Storage. A figure you’d think it would be easy to obtain. But convincing oneself they’re accurate is difficult. However, the number of casks in storage has increased by around 10% over the last decade. Couple that with the expansion in warehouse storage availability then this number looks to increase. Whether to cope with increased demand or failure to sell of course depends on your opinion.
Conclusion 2: There is some “over-production” but whatever is produced, overall, it has been sold. Of course, the increase in casks in storage could be interpreted as a “whisky loch” starting to form, or distilleries learning how to keep casks for longer because of the exponential increase in value as you hit certain age points.
Distilleries closing or cutting production. Clearly being a distillery owner is not as “easy” as it used to be. But finding out the reasons why is virtually impossible; each distillery has its own reason. One issue that is rarely discussed is innovation. Malt whisky apparently has made 80% of the innovation in new products in the past 10 years of all alcoholic drinks. The problem with innovation is whilst there are short term gains, over the longer term, consumers tend to go back to their original preferences. This occurs as advertising spend decreases and products become less fashionable. There are also the problems of providing too much choice, thereby confusing consumers.
Consumer sentiment. We all know it is negative at present. Blame whatever for it, but everyone is apparently tightening their belt.
Conclusion 3: There are headwinds that need addressed.
Discounts, flash sales, whisky clubs: We’ve lumped these together as they indicate two things. All are attempts to create consumer loyalty and shift product by “savings”. As an example, at a whisky club tasting we bought a £90 bottle for £52 by using the “on the night discount” and use of “loyalty points”. It was well worth the £90 but the “discount” received took it to well below what it might have cost in 2015.
Conclusion 4: With patience and searching, you can easily get a bargain.
Overall Conclusion: There are issues that distilleries need to address and overcome but as a consumer this might be the best year to buy whisky since 2015.
Business
The Really Good Whisky Company launched their members club. The cost is £99 per year. Whilst that might seem a lot, it appears to be well worth it. To date, the advertised bottles, all come with a hefty discount, and you would easily get the £99 back and more on a couple of bottles. This might be the first whisky club targeted towards those happy to spend above £200 per bottle. Time of course will tell, and even if you buy cheaper bottles, the only difference is it will take more bottles to get you money back.
InchDairnie Distillery and MacDuff International have merged to form InchDairnie Whisky. InchDairnie based in Fife reaches their 10th birthday in December and released their first single malts this month – Kinglassie. MacDuff International are known for their blended whisky.
Two big mysteries. Why are people prepared to pay more at auction, or the same as, the current retail price of a bottle of whisky? The second mystery, why The Macallan Time:Space Mastery(NAS, 44%, £1100) is still available at some retailers nine months after release?
The auction mystery suggests people are not looking at the correct information when deciding what to bid or simply get “carried away”. Always check whether a bottle is available through retail and what the price is. That way you can set a realistic maximum bid, one might expect that to be a third below retail unless a collectable bottle. Or you can review the auction price and if it is not a “bargain” buy via retail .
The Macallan is a surprise. It has all the hallmarks of a collector’s item – design, packaging, great launch PR, limited edition and celebrates Macallan’s 200th anniversary. So, what went wrong? Clearly people are prepared to pay more as the average auction price is around £1500. There are numerous possibilities, but what it does show is not all bottles from a great distillery are worth investing in. Perhaps in a couple of years when retail stocks have all gone it will become a “great investment like Macallan 18 year old Sherry cask or The Folio series.
Port Ellen celebrates 200 years since its founding with a series of initiatives including new tours and upcoming releases. The Atlas of Smoke project makes use of the distilleries, probably unique, ten part spirit safe which allows the exploration of different fractions of the heart run. Visitors can experience this exploration first hand and taste the initial results.
International Beverage owners of five Scottish distilleries – Pulteney (Old Pulteney), Knockdhu (anCnoc), Speyburn, Balblair and Balmenach – complete six new bonded warehouses at their Airdrie site. This will increase storage capacity by 60,000 barrels.
Wiltshire distillery Witchmark which laid down its first whisky last year, opens its members club, The Witchmark Club. The loyalty programme cost £900 and includes 10 full-sized bottles of spirits, lifetime 10% discount among other benefits.
Releases
Limited Whisky started in 2022 and continue to release some well-aged cask strength whiskies at reasonable prices, starting from around £200 on their website but check out the pricing on Whisky-Online who appear to be applying a discount.
Little Brown Dog release three cask strength whiskies (Ardmore 2013 11yo, Glen Elgin 2012 13yo, Strathclyde 1996 34yo, around£65-£75 per bottle) along with two Calvados bottles with one being finished in an Arran whisky cask. LBD were winners of the Best Independent Bottler at the Scottish Whisky Awards 2025.
Nc’Nean release Huntress Lemon Meadow (£89.75, 48.5% ABV, 1 of 5729 bottles). The fourth release in their experimental exploration series it is said to have “initial buttery/white chocolate softness, rapidly followed by green apple and lemon curd/yuzu marmalade brightness”.
House of Hazelwood release the first of a series called “One for the Next”. Chapter One is a 60 year old grain whisky from Girvan distilled in 1964, £10,000 and one of 25 bottles. It also includes a bespoke cabinet to house the collection. The series is intended to finish with a one hundred year old Girvan in 2065. Definitely a collection that will span the genertions.
Cotswolds releases the latest edition in their Hearts and Crafts series – Hearts and Crafts 6 Calvados Single Malt whisky (£100, 55% ABV, 1 of 1500 bottles). Said to deliver, “rich notes of orchard fruits and a gentle, lingering sweetness that beautifully reflects the essence of traditional craftsmanship.” Sounds like a lovely pour to contemplate that new mown lawn.
Dràm Mòr Spring release – 6 single cask whiskies from Dailuaine, Glenburgie, Balblair, Glen Garioch, Mannochmore and a Staoisha from Bunnahabhain. The standout two for us would be the Glen Garioch and Glenburgie but all are worth a look.
Cadenheads Original Collection release for May. The Original Collection are bottled at 46% ABV although this release email also included two Enigma bottles which appear to be at cask strength, along with four rums. The intriguing one from this release is the Enigma bottling of a 21 year old Tennessee Bourbon (£140 41.5% ABV). This is also Cadenheads first release from the USA so likely a good one. The official tasting notes maybe suggest a bit too much wood but integrated within the flavour profile. Definitely worth a punt. There are not many 21 year old bourbons out there for this price.
Signatory Vintage continue to release their excellent value 100% proof (57.1% ABV) series along with their independently bottled Macallan. Fancy a 15 year old Macallan for around £60 or a 17 year old Macallan oloroso sherry butt for £179 – around half the price of the 18 year old Macallan and possibly better?
Kilchoman celebrates their 20th anniversary by releasing, The 20th Anniversary Cask Series.Four bottles ranging in price from £120 to £190. All made from a vatting of five casks – so making 20 casks in total.
Lindores Abbey releases Friar John Cor Chapter III. Bottled at 60.2% ABV and priced at £58.33 this is the third bottling in this series. Said to be, “Expertly crafted from a marriage of ex-Bourbon barrels, Amontillado, and Pedro Ximénez Sherry butts, this release offers remarkable depth, complexity, and balance. The component whiskies were vatted and given time to harmonise in refill sherry butts, enhancing the character of each element in perfect unison.”
Laphroaig releases Elements 3.0 (£170, NAS, 59.6% ABV). Said to have been inspired by an extraordinary event at the distillery, it explores the “unexpected” flavours produced by kilning for longer and at higher temperatures. Resulting in a whisky with notes of chocolate and burnt caramel.
Independent bottler GreatDrams releases an unusual Craigellachie peated cask finish (£65, NAS, 1 of 209 bottles). Said to be, “ Bold. Unapologetic. And utterly unforgettable. This rare Craigellachie release sees their famously muscular spirit take a walk on the smoky side.”
Glen Scotia release a 50 year old – Elements Of Campbeltown Release No.1 Air (£35,000, 50 year old, 1 of 100 bottles, 42.3% ABV). This inaugural release in an annual series is said to capture, “Campbeltown’s distinctive maritime climate, ‘Air’ reveals the subtle coastal character shaped over five remarkable decades.”
Glengoyne release Glengoyne Russell Family Cask 38 Year Old (£4,000, 56.8% ABV). Filled from a “specially selected butt no.915 for it’s rich silkiness and subtle complexity after 38 years in cask.”
Glenturret introduce their new Warehouse No. 9 tour. Lasting two hours and costing from £125 per person this is an unforgettable experience for Glenturret fans.
Dalmore release Luminary No. 3 2025 Edition (£299, 17 year old, 49.2% ABV, 1 of 20,000 bottles).
GlenAllachie releases the first bottle in it’s Sinteis Series. It explores the “dynamic relationship between virgin oak and traditional sherry casks.” The first expression is a 2014 matured in Chinquapin virgin oak and Pedro Ximénez sherry casks. The GlenAllachie Sinteis Series Part I: 2014 (£74.99, 57.8% ABV) is said to have “created a medley of dark fruit, baking spices and chocolate tones.”
Torabhaig release the fourth chapter in their Legacy series, Sound of Sleat (£58, 46% ABV). Said to offer “delicate notes of orange, apricot, and sweet maritime seaweed on the nose, a rich palate of bonfire smoke, honey, and sea salt, and a lingering, elegant finish that captures the spirit of storms, sunsets, and the wild Sound of Sleat.”
Old Pulteney release a Limited Edition Single Cask #1804 (£140, 14 year old, 54% ABV, 1 of 690 bottles). Matured for 14 years in an Oloroso sherry butt it was personally hand-selected by their Distillery Manager, Malcolm Waring.
Upcoming Whisky Events
Those without full dates (at the end of the list), have occurred in 2023/24/25 without releasing 2025/26 dates at present. For full details just type the name into Google. If we’ve missed your festival just drop us a line.
14th – 15th June 2025 – Bladnoch Wave Weekend
27th – 29th June 2025 – Arran Whisky Festival, Arran
28th June 2025 – The Whisky Lounge: Bristol Whisky Festival
4th July 2025 – Southport Summer Whisky Festival, Churchtown & Southport
5th July 2025 – National Whisky Festival, Inverness
18th – 26th July 2025 – Belfast Whisky Week, Belfast
6th August 2025 – Spirit of Alba Festival, Kirkintilloch
8th – 10th August 2025 – Whisky Fringe Edinburgh
16th August 2025 – Linlithgow Whisky Festival (Falkirk Whisky Club)
30th August 2025 – Spirit of Alba, Kirkintilloch
5th September 2025 – Cadenhead’s in the Courtyard, Campbeltown
4th – 14th September 2025 – Hebridean Whisky Festival
12th – 13th September 2025 – Whisky Indy Love Fest, Newcastle upon Tyne
13th September 2025 – National Whisky Festival, Aberdeen
13th – 14th September 2025 – Midland Whisky Festival, Birmingham
19th -22nd 2025 – Lagavulin Islay Jazz Festival
20th September 2025 – Lomond & Clyde Whisky Festival, Helensburgh
27th September 2025 – The Whisky Lounge: Liverpool Whisky Festival
3-5th October 2025 – Whisky Show, London
11th October 2025 – Edinburgh’s Whisky Festival
18th October 2025 – Wee Dram Whisky Festival, Dram Fest, Bakewell
18th October 2025 – Seven Hills Whisky Festival, Sheffield
24- 26th October 2025 – Dornoch Whisky Festival
25th October 2025 – The Whisky Lounge, York Whisky Festival
25th October 2025 – National Whisky Festival, Edinburgh
31st October to 2nd November 2025 – Wales Whisky Fest, Llandudno
8th November 2025 – Glasgow’s Whisky Festival
14th-15th November 2025 – The World Whisky Experience, Spitalfields, London
21st November 2025 – The Whisky Lounge: Manchester Whisky Festival
22nd November 2025 – English Whisky Festival, Birmingham
29th November 2025 – T B Watson (Drambusters) Whisky Festival, Dumfries
5th – 6th December 2025 – Kendal Whisky Festival
27th – 28th February 2026 – Welcome to Whisky Show, London
27th February – 1st March 2026 – Fife Whisky Festival, various locations in Fife.
14th March 2026 – Croydon Whisky Festival
27th March 2026 – Whisky Fair – Cambridge
27th – 28th March 2026 – Whisky Live London
28th March 2026 – The Whisky Lounge: Newcastle Whisky Festival
9th May 2026 – Clackmannanshire’s Whisky Festival, Alloa
16th May 2026 – Summerton Whisky Festival St Albans
18th – 23rd May 2026 – Campbeltown Whisky Festival
22nd-31st May 2026 – Fèis Ìle, Islay
29th April-4th May 2026 – Spirit of Speyside
June
The Whisky Lounge: Edinburgh Whisky Festival (2024)
Stoke Whisky Festival – Stoke on Trent – possibly in 2026
August
The Dram Good Whisky Festival, Edinburgh (2024)
October
Borderlands Whisky Festival, Lockerbie (2024)
November
Leeds Whisky Festival (2024)
January
Harrow Whisky Festival (2025)
Southport Whisky Festival (Winter)
Scottish National Whisky Festival, Glasgow
February
Exploring Whisky: Bristol (2025)
March
Whisky Birmingham, Birmingham
Independent Spirits Whisky Festival, Leith, Edinburgh
April
National Whisky Festival, Glasgow
Whisky Social Belfast, Belfast
May
Stirling Whisky Festival (2025)
Whiskey Live Dublin
The Whisky Event, London
Background – Here at The Cask Connoisseur, even though we’re not subscribed to every potential newsletter or source of information, we receive around four hundred emails over the course of a month with various promotions, new release information, distillery newsletter,updates etc. Add on social media posts and that amounts to somewhere well over 1000 pieces of information being reviewed per month. The aim of this monthly round up is to provide a summary of the most interesting bits along with upcoming events that can be gleaned from them. The downside to a monthly review is a lot of “special offers” will have come and gone.
