It looks like we were off to a slow start this holiday season, but the numbers are still solid. The latest off-premise Nielsen data shows that recent improvements in price/mix continue to take a toll on spirits industry volumes. Volumes grew 2.8% in the 4-weeks ending November 12, decelerating from +4.2% for the last 12-weeks, reports UBS senior analyst Kaumil Gajrawala. But "this is explained by price/mix increasing to" +1.7% versus +1.1% in the last 12 weeks, he notes. Meanwhile, sales grew 4.5% in the 4-weeks, which is below 12-week results of +5.3%. The percent of volume sold on promotion fell -2.1% in the last month versus -1.8% in the 12-weeks.