"People are drinking more, because people tend to drink more during tough times,'' said JP Morgan beverage analyst John Faucher. "That fits into the current environment, both from a September 11 standpoint as well as from an economic standpoint."

Typically, sales of alcohol increase during recessions. According to industry figures, spending on liquor has risen in recent months. Data also shows that more people are consuming alcohol at home rather than in restaurants.

"I would agree with the theory that people have been drinking more," said Davenport & Co. analyst Ann Gurkin, who follows a number of beverage companies.

Industry watchers also note that consumers are buying "top-shelf" liquors. Marketers speculate that people are trying to give themselves a relatively low-priced luxury like a single malt Scotch or bottle of champagne, while foregoing a vacation or a new car.

"People continue to trade up for the most part," said Gray Ottley of Silver Creek Distillers.

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