Millennials are disrupting the beer, wine and spirits industry, Jon Taffer, the host of Spike TV’s “Bar Rescue,” told FOX Business.
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“Millennials are moving from beer to wine and beer to premium spirits,” Taffer said in an interview with Stuart Varney on “Varney & Co.,” adding that they are motivated by a desire to feel relevant.
Despite declining beer sales, Corona is rolling out a new lower-calorie beverage called Corona Premier – its first new drink in 29 years.
“What beer is trying to do is offset the trend to spirits [and] premium wines by creating premium beers,” Taffer said.
Social media provides credibility and instant brand recognition, Taffer added
“They will consume what are poorly reviewed boutique beers, poorly reviewed wines, poorly reviewed tequilas because they are cool and they make them feel relevant,” he said.