Higher prices draw millennial eyes to spirits - study
Millennials in the US are more likely to equate price with quality when buying spirits, part of a wider trend that is seeing them shun mainstream alcohol, a Nielsen report has said.
Results of a survey compiled by Nielsen in August showed that 34% of overall spirits drinkers associated a higher price with higher quality either all or most of the time. However, for millennials the figure rose to 41%, compared to 27% for consumers from the baby-boom generation.
An earlier survey found that 21- to 34-year-olds desire craft beer that is associated with being handcrafted, artisanal and top quality.
"Millennials won't give up quality or taste when it comes to their alcoholic beverage purchases," Nielsen said in a report released late last month. "As a result, a large percentage say they will not spend their money on mass-market alcoholic beverages. That's one factor that has led to the growing popularity of craft beverage alcohol products."
The report also said that millennials are "fairly brand promiscuous", especially with beer and wine. It added: "As a result of their adventurousness in general and the likelihood that until they 'try' different brands, they don't know yet what they'll like or not like."
The Nielsen surveys were both carried out last year and included 2,000 people.
Last month, Pernod Ricard's CEO, Alex Ricard, said millennial consumers will play a major role in the changing landscape for the spirits industry in the years to come.
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