Constellation Brands Executive Says Millennials Are Drinking More For This Reason

Well, it’s not surprising that one alcohol executive thinks that millennials are drinking more because they are having kids.

Children can be very stressful for parents and a good way to relax after the kids are put to bed is with a glass of alcohol.

Constellation Brands is seeing a rise in the millennial generation’s consumption of alcohol and estimates that three-quarters of millennials in the U.S. are consuming alcohol.

“When you said the millennials are drinking more, I’m like: That’s because they have kids,” Barclays analyst Lauren Lieberman remarked.

Lieberman made the comment in a joking manner with Constellation Brands CFO David Klein, who was speaking with Lieberman at the Barclays Global Consumer Staples Conference on Wednesday.

“Well, I think that’s exactly the answer,” Klein remarked.

According to the executive, Constellation has researched on millennials and found that in 2013, millennials consumed about 24 alcoholic drinks per month. By 2019, the number had climbed to about 29 per month – with about 77% of all millennials in the U.S. consuming alcohol.

“What we don’t 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 it’s too early to tell, but we definitely have seen that with millennials,” Klein explained.

“I think what we have is people saying that they’re drinking less or drinking better, but that’s really driving people into trends like Corona Premier and seltzer and Mic Ultra, and brands like that,” Klein also said.

Disclaimer: We have no position in Constellation Brands, Inc. Class A (NYSE: STZ) and have not been compensated for this article.