According to Wall Street, Millennials Are Choosing Wine Over Beer
by
Jessie Donofrio on Jul 25, 2017 in
Beer
The American financier Goldman Sachs downgraded the stocks of the Boston Beer Company and Constellation Brands this week due to “sluggish” beer sales and millennial’s taste preferences, according to CNBC.
Apparently, the youngest generation of alcohol consumers is shifting away from beer in favor of wine and spirits. Goldman also says that young drinkers aren’t consuming as much alcohol altogether in comparison to other generations.
“Despite the Boston Beer Company's commitment to turn around Sam Adams beer and Angry Orchard cider, we see no improvement in sight and see downside risk to fiscal year 2017 volume guidance,” said Freda Zhuo a Goldman Sachs chief analyst.
Another financial services company, Cowen, recently reduced its rating for Molson Coors citing a report that more people smoking marijuana is a deterrent to drinking.
So millennials are smoking weed and drinking wine instead of Angry Orchard. Nothing wrong with that.
Photo via Flickr user Image Catalog
Recent Articles
Feedback
How are we doing? Tell us what you like or don't like and how we can improve. We would love to hear your thoughts!
