- Beer sales are slipping, with iconic brands including Coors Light, Budweiser, and Heineken being hit especially hard.
- Millennials and Gen Z are more likely than older generations to prefer wine and spirits over beer, creating a growing crisis in the beer industry.
- Beer industry giants are turning to nonalcoholic beverages and marijuana in an effort to boost sales.
Beer sales are slipping, and millennials are to blame.
Drinkers picked beer less than half of the time when deciding on an alcoholic beverage in 2017, the Wall Street Journal reported, citing the trade group Beer Institute. With beer being picked just 49.7% of the time, the beverage has taken a significant tumble from 60.8% in the mid-1990s.
Some of the most iconic beer brands in the United States are being hit hardest by the shift.
Molson Coors reported on Wednesday that sales decreased for the fourth straight quarter, with Coors Light’s decline contributing to the slump. The volume of Heineken sold in the US declined in the high-single digits in the first half of the year, the company announced on Monday. AB InBev reported last week that US revenues dropped 3.1% in the second quarter, with Budweiser and Bud Light continuing to lose…