Millennials Are Big on Cocktails and Wine, but Beer Not So Much
Care for a cocktail? Perhaps a glass of wine? Way to drink like a millennial!
Millennials are increasingly turning to wine and spirits and turning their backs on beer, Business Insider reports, citing a Morgan Stanley industry analysis.
Between 2012 and 2015 alone, those who said beer was their “favorite alcoholic beverage” declined from 29 percent to 26.8 percent overall — and from 33 percent to 27.4 percent among millennials, according to Morgan Stanley’s research.
What’s more, millennials who do drink beer tend to prefer craft brews to the big-name beers their fathers and grandfathers enjoyed. Annual sales of Budweiser have declined from a peak of 50 million barrels in 1988 to around 16 million barrels today, according to a November 2014 Wall Street Journal report, which also noted that fully 44 percent of drinkers between the ages of 21 and 27 had never tried a Bud. Not once. Not ever.
The trend has, not surprisingly, prompted concern among major beer makers like Anheuser-Busch, MillerCoors and Heineken. As a result, many of them are expanding their product offerings to include canned and bottled cocktails, like margaritas and Long Island Iced Teas.