Millenials may keep the craft beer market alive; I propose we leave them alone.
The craft beer industry has experienced a 14% growth in revenue in the last year, while the total beer industry only experienced a 4.6% growth. The large growth in the craft beer industry can be credited to millennials, who form a significant percentage of beer drinkers. A whopping 43% of millennials said they highly respect the value, uniqueness, and flavor associated with craft beers, and that’s why you’ll find more millennials at bars where craft brew is served.
Millennials take a lot of heat – they’ve been called lazy, ignorant, whiny, and a whole slew of other negative descriptions, but their interest in beer tells a different story. This generation has a unique mindset. They’re well-educated and understand the value of trying new things, in fact, most millennials drink beer with the goal of investigating the uniqueness, authenticity and flavor of each new beer they consume. Restaurants, local establishments, and other vendors have found that, if they want to maximize their profit with the younger crowd, they should serve craft brews.
A defining characteristic of millennials is their desire to be individual and unique rather than “going along with the crowd.” More so than the generations before them, they value experiences over material things. They opt for craft beers rather than bland commercial beers because of the strong sense of identity that goes into a more authentic and innovative brand of beer.
Millennials have a huge impact on the beer industry, causing craft beer business to boom. Even a tiny brewery has the capacity to produce two to six million barrels in a year. This generation recognizes the importance of supporting local breweries’ uniquely crafted beers. They also love the higher level of alcohol found in these one-of-a-kind brews. A market growth of 9.3% can be expected in the coming year.
Perhaps other brands, markets, and industries can benefit from observing millennials’ habits. This generation is demanding locally-sourced, unique, and fun brands.