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Beer sales drop in the US as youngsters take to wine
Recently, Goldman Sachs downgraded the stocks of a couple of beer companies as there was a noticeable fall in the demand of beer, reports The Drinks Business. The fall in demand is attributed the rise in demand of wine. More and more young people are shifting from beer to wine.
Firms such as Goldman Sachs and Nielsen have forecasted that beer consumption in the country will fall by almost 0.7% in 2017.
The millennials, who are aged between 21 and 38 years, have shown a strong preference towards wine. The group in fact is the largest consumer of wine in America and account for close to 36% of all the wine sales. The Baby Boomers, who are aged between 51 and 69 years, come in second with a wine consumption share of 34%.
The figures clearly show that a vast majority of the Americans now prefer wine over beer. According to reports, the winemakers of California shipped $34.1 million worth of wine in 2016. This was more than 4.6% of what they shipped in 2015.