Thinking of opening a craft brewery or a bar? You might want avoid targeting millennials in your marketing – and definitely cut back on the beer.
Goldman Sachs recently downgraded the stocks of two major brewers – Boston Beer Company (the makers of Sam Adams and Angry Orchard cider) and Constellation Brands (the third-largest beer company in the United States, and one known for importing Corona and Modelo) – due to “sluggish sales,” according to this CNBC report. The culprit? Yeah, it’s the millennials.
Apparently, younger generations aren’t drinking as much beer as they used to. The data shows they now prefer wine and spirits instead. Research firm Nielsen showed a slight decline in beer penetration across the United States compared to 2016, although wine and spirits penetration stayed about the same. But Goldman’s research revealed a shift away from beer to wine and spirits amongst those 35-44.
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