The beer industry went through a bit of a shake-up this week as Goldman Sachs downgraded America's largest independent brewer, the Boston Beer Company. They made the decision based on decreased sales and unfavorable upcoming projections for the beer industry in general. But why are projections for the industry so dire? It turns out wine and legal cannabis are stealing drinkers away!
Goldman Sachs cited three major factors that are hurting the beer industry. First and most notably, Millennials have simply been drinking less than previous generations. Their consumption has steadily decreased over the past decade.
And apparently when millennials do drink, they're drinking wine or spirits (the second reason)!
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