Millennials Are Choosing Weed Over Booze
If you're between the ages of 18 and 34, you probably prefer getting lit over getting turnt.
Liquor before beer, you’re in the clear. But actually, according to a new study, millennials now want marijuana over liquor and beer.
The younger consumer demographic is shifting its spending away from alcohol in favor of the devil lettuce, which has become much more accessible as more states have enacted medical or recreational use laws. And according to a report by Goldman Sachs analysts, when millennials do wet their whistle with alcohol, the demographic leans more toward wine and liquor, rather than beer anyway.
Beer makers such as Coors, Budweiser, and Miller are feeling this shift hard in their stock prices and will expectedly experience a three-percent drop in trading volume overall by the end of the year. Companies such as Boston Beer, a.k.a Sam Adams, saw its shares fall by five percent, while Constellation, which makes Corona, had a 1.3-percent drop in its stock price, according to the Goldman Sachs data.
On the flip side, craft beer makers are experiencing an uptick in sales, and wine makers are seeing little to no difference.
“We don’t really think that wine consumers are particularly brand loyal,” Sonia Vora, an analyst at Morningstar, told the New York Post. “The majority of consumers tend to buy based on promotions, [rather] than on loyalty.”
The correlation between increasing marijuana use and decreasing alcohol consumption makes one thing clear, though: Millennials would much rather prefer to puff and pass than get tipsy.