Will Teetotal Millennials Spell Doomsday for Beer Bigwigs?
Millennials are known to be a health-conscious generation, spending less on alcohol and more on fitness. As a matter of fact, analysts estimate that millennials spend 1% or less of their total income on alcohol.
Also, when it comes to consuming alcohol, millennials prefer drinking wines, clean spirits and wellness beer. Studies have shown that these are not only sugar-free, but also keto and paleo-friendly. This has given rise to a new group of individuals who are considering giving up alcohol altogether and find being sober a hip choice.
Analysts believe that such developments have led to a crisis of sorts in the beer industry. Furthermore, craft brewers have cropped up in large numbers across America and eaten into the conventional brewers’ pie. Quite literally, life isn’t all beer and skittles for the space. But does that mean the game is over for major beer players? Let’s find out. (Zacks)