Parenthood Causing Millennials To Drink More: Liquor Exec
Known for their safe-spaces, hair-trigger outrage and $12 avocado toast, Millennials are finally starting to act like the rest of us when it comes to at least one aspect of life.
They’re hitting the bottle to cope with the pressure of parenthood – according to Constellation Brands CFO David Klein.
“When you said the millennials are drinking more, I’m like: That’s because they have kids,” quipped Barclays analyst Lauren Liberman at the Barclays Global Consumer Staples Conference on Wednesday – to which Klein replied “Well, I think that’s exactly the answer.”
Klein went on to cite Constellation’s research on millennials, according to CNBC – finding that “in 2013, millennials consumed about 24 alcoholic drinks per month. By this year, that number has climbed to about 29 per month – with about 77% of all millennials in the U.S. consuming alcohol.”
“What we don’t know though is will we see that same thing with Gen Z as they age, will they — will life get more stressful for them and they drink a little more? But it’s too early to tell, but we definitely have seen that with millennials,” added Klein, who noted that Gen-Z (21-24) seems to be consuming alcohol “slightly more slowly” than millennials at the same age.
“I think what we have is people saying that they’re drinking less or drinking better, but that’s really driving people into trends like Corona Premier and seltzer and Mic Ultra, and brands like that,” said Klein.
$STZ Constellation noting that becoming parents is a key cause of millennials drinking more. https://t.co/xwz7nNCgay pic.twitter.com/H6cDLvZOuJ
— North Bluff Capital (@bluff_capital) September 5, 2019
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We would note that marijuana wasn’t widely available in many states during the same period – as we noted on April 20th – which means Gen-Z is growing up in a world where cannabis is completely normal, and a much healthier alternative to booze.
Fortunately for Constellation Brands – they’ve already made a move into marijuana.
Tyler Durden
Fri, 09/06/2019 – 20:55
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