As a beer lover, this breaks my heart. Millennials are hurting the industry by choosing wine and weed over pints! Well, that’s according to Goldman Sachs, who recently downgraded America’s biggest independent brewer Boston Beer Company for decreased sales and unfavorable upcoming projections.
Their research suggests young adults are drinking less than previous generations and favor wine and spirits. With marijuana becoming increasingly legal, the demographic is also taking up smoking to get intoxicated. The more intoxicants on the market, the more likely for others to decrease.
Though, Millennials aren’t the only ones to blame! Goldman’s chief analyst says “the 35-44 year old cohort shows a shift away from Beer to Wine & Spirits.” That’s two major demographics. In fact, beer consumption has been on a 22% decline since the 80s.
I believe it, but I doubt the bustling craft beer scene in Sacramento is going to die down anytime soon. Are you surprised by this?