Millennials are ruining everything, and now they’re coming for the beer industry. But as it turns out, millennials have also been having a negative effect on the beer industry for a few years now. Goldman Sachs recently caused a stir when it downgraded Boston Beer Company and Constellation Brands stocks, according to a report from an analyst obtained by CNBC. The Boston Beer Company includes brands like Samuel Adams and Angry Orchard, while Constellation Brands oversees beer brands like Corona, Modelo, Ballast Point and more. “The cause [for shifts in beer and wine market penetration] is younger groups shifting away from beer.”The Goldman report blamed “sluggish sales” for the downgrade, coupled with the fact that millennials don’t drink as much beer as previous generations, opting for wine and spirits over beer.

Source: Huffington Post August 01, 2017 18:33 UTC