Today, millennials tend to have a great effect on different sectors of the economy, be it directly or indirectly.
We cannot ignore their influence on different types of consumer goods as well as on food products and beverages.
The last decade, especially, witnessed major changes in the drinking habits of people as the demographic trend of the country shifted from baby boomers (people turning 55+ in 2018) to millennials (ages 18-35 in 2018).
The type of alcoholic drinks preferred, amount of income spent on alcohol, the quality and quantity of drinks preferred and various other factors affecting the alcohol industry, have undergone a lot of changes in the last few years.
Let’s recap some of the major millennial drinking trends that are reshaping the alcohol industry:
1. Millennials spend less on alcohol than baby boomers but prefer more exciting flavors
According to research conducted by Nielson, a global information and data measurement company, baby boomers spend about $1512 annually on liquor while millennials tend to spend about $1134 only.
But also, less than 46% of boomers are ready to try more than 2 varieties of alcohol while 65% of millennials tend to try more than 3 types of alcohol.
2. Millennials want to explore more liquor brands that they can share with their friends
Millennials are always ready to try new and exciting types of liquor products in comparison to boomers who stick to just one or two preferences.
Nikhil Verma, a sales manager in Delhi, while sharing his experience with a media house said,
”Every weekend, I try to explore a new type of cocktail with my friends. Even if it’s a little costly, we like to experiment with alcohol rather than going for the same old glass of whiskey or a pitcher of beer.”
Millennnials rely on their friends or coworkers for recommendations as well as talk to bartenders about their taste in alcohol.
About 52% of boomers always buy one type of alcohol while only 25% of millennials would just stick to a specific brand.
3. Millennials prefer less beer and more of other types of alcohol
There has been an eight percent fall in the demand of beer in the last decade while there has been a subsequent rise in the demand for whiskey, wine and other types of spirits.
Talking about wine, millennials have a special affinity towards both red and white wine. In terms of other spirits, they’re especially inclined towards Vodka.
4. Millennials prefer weed over alcohol
More than 51% of millennials prefer cannabis over alcohol and they have plenty of reasons for this preference.
Some say that too much alcohol leads to headaches and an annoying hangover while smoking weed does not have such effects on the body and in turn, also gives them a good night’s sleep.
Aayush Agnihotri, an IT professional talks about his preference for weed,
“Whenever I consume too much alcohol at a party or a get-together, the next day gets absolutely spoilt because of the hangover. But instead, when I smoke weed, I sleep like a baked baby.”
Also, marijuana and other drugs tend to have certain health benefits but liquor does not seem to have any positive effect on the body.
5. Millennials are more quality conscious
When buying the perfect brew, millennials are value-conscious, they look for value in exchange for their money as well as try to seek health benefits from the same. This explains why more millennials tend to prefer wine over other beverages as it has a lot of benefits for the human body.
They are also less likely to go for cheap alcohol as compared to baby boomers. They prefer handcrafted and artisanal alcohol products.
For instance, Ice beer, as well as craft beer, seems to be immensely popular among the youth for its unique and rich taste.
6. Technological factor
One advantage the millennial generation has is the ever-growing technology. Every day, more than 65 percent of millennials engage on social media, so a millennial may drink alone but he or she is very much inclined to tell the whole world about it!
Out of the number of millennials who drink alcohol, over 50 percent talk about it on Facebook, YouTube, Twitter and Instagram. This type of influence from social media explains why millennials are so eager to try different brands and products.
Being a millennial, do you relate with these trends? If not, tell us about your preferences in the comments below.
Image Credits: Google Images
Find the blogger at @MoulshreeS