By Mike Murphy
STX Entertainment/Courtesy Everett Collection
Your kids really might be driving you to drink.
And Constellation Brands Inc. would probably like to thank them for driving you nuts, particularly if you’re a millennial parent.
Constellation’s chief financial officer acknowledged as much Wednesday during an interview at the Barclays Global Consumer Staples Conference in Boston.
CFO David Klein mentioned that the company — which produces Corona beer and Robert Modavi wine, among other brands — has noticed that while Gen Z consumers are drinking less, there’s been an uptick in alcohol consumption by millennials.
That led Barclays analyst Lauren Lieberman to quip: “When you said the millennials are drinking more, I’m like ‘because they have kids.’”
“Well, I think that’s exactly the answer,” Klein said, according to a FactSet transcript. “And what we don’t know though, is: Will we see that same thing with Gen Z as they age, 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 said research found that the average millennial consumed about 24 drinks a month in 2013, but in 2019 that’s gone up to 29 drinks a month.
He added that Gen Z — those 21 to 24 — are drinking at a lower rate, but favoring higher quality brands. “I think what we have is people saying that they’re drinking less or drinking better,” he said.