It would seem that millennials today are more interested in drinking wine than beer. In fact, the change is so drastic that Goldman Sachs had to downgrade the Boston Beer Company and Constellation Brands, since sales have been so much slower than before.
“The cause [for shifts in beer and wine market penetration] is younger groups shifting away from beer,” explained chief analyst Freda Zhuo, in a note.
It’s usually the below 35 group, which, drinks beer anyway, according to Zhuo’s study, and now, even they are showing a shift from the drink to spirits and wines. Responding to the reduced prices, several companies have tried to lower their prices but to no avail.
In fact, even the famous Sam Adams beer hasn’t been able to revamp its image, despite several tries. It seems that kids nowadays just aren’t interested to drink beer, no matter what companies do to make the products lucrative.
It’s not just wine though; there’s something else that’s drawing the younger crowd today. Another alcohol analyst, Vivien Azer reported that there has been a “notable inverse correlation with cannabis use” which has also caused beer to lose a couple of popularity points.
