Thinking of opening a craft brewery or a bar? You might want avoid targeting millennials in your marketing â€“ and definitely cut back on the beer.
Goldman Sachs recently downgraded the stocks of two major brewers â€“ 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) â€“ due to â€œsluggish sales,â€ according to this CNBC report. The culprit? Yeah, itâ€™s the millennials.
Apparently, younger generations arenâ€™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 Goldmanâ€™s research revealed a shift away from beer to wine and spirits amongst those 35-44.
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