USA: Millennials consume more alcohol because they have kids Constellation Brands CFO
Beer and wine producer Constellation Brands is seeing an uptick in the millennial generations consumption of alcohol and, according to a company executive, thats in part thanks to one specific reason, CNBC reported on September 5.
When you said the millennials are drinking more, Im like: Thats because they have kids, Barclays analyst Lauren Lieberman said.
Lieberman made the comment somewhat jokingly during a discussion with Constellation Brands CFO David Klein, who was speaking with Lieberman at the Barclays Global Consumer Staples Conference on September 4.
Well, I think thats exactly the answer, Klein responded.
He cited Constellations research on millennials to back up his broader thesis: The company found 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, according to Klein.
What we dont 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 its too early to tell, but we definitely have seen that with millennials, Klein said.
Klein added that Generation Z, ages 21 to 24, are consuming alcohol slightly more slowly than millennials did.
I think what we have is people saying that theyre drinking less or drinking better, but thats really driving people into trends like Corona Premier and seltzer and Mic Ultra, and brands like that, Klein saId.
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