Finally, a large upswing in marijuana sales have made a dent in the money millennials people of all ages spend on beer. Though the beer industry has become quite large, it is having to compete with an expanding marketplace of intoxicants.
Millennials aren't the only ones to blame! Goldman’s chief analyst Freda Zhuo noted that “the 35-44 year old cohort shows a shift away from Beer to Wine & Spirits.” With two demographics displaying a waning interest in beer, times are going to be hard for an industry already plagued by increased interest in imports.
The downgrading of the Boston Brewing Company should come as no surprise to those who read the steeply lowered expectations of macro-giant Miller Coors in a recent report. The report claimed beer consumption has dropped 22% since the 1980's, while weed consumption has risen 18% to fill the void.
I guess this is just another change Millennials will have to take the blame for. This time, however, there might be some truth to the accusations. Goldman Sachs chief analyst Freda Zhuo wrote in a Monday note:
The cause [for shifts in beer and wine market penetration] is younger groups shifting away from beer.