Liquor before beer, you’re in the clear. But according to a new study, millennials now want marijuana over alcohol.
Why are millennials dropping alcohol for marijuana? The younger consumer demographic is shifting its spending away from alcohol in favor of cannabis. Marijuana has become much more accessible as states have enacted medical or recreational use laws. According to a report by Goldman Sachs analysts, millennials prefer cannabis over alcohol.
Beer makers such as Coors, Budweiser, and Miller are feeling this shift hard in their stock prices. They 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. 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. 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 roll up and spark than get tipsy. Come back to The Happy Campers for all of the latest cannabis news and findings.