With 20 percent of millennials currently living in poverty, it’s easy to think that many would turn to alcohol as a way to soothe the stress associated with their bleak financial situations. However, a number of new studies indicate that alcohol consumption by millennials is actually on the decline, and the reasons for their abstinence may surprise you.
In a recent paper by the independent U.K.-based polling organization Demos, researchers found that 2 out of 3 millennials don’t feel that alcohol is an important part of their social lives, and nearly 1 in 5 abstain from alcohol completely.
When asked about specific reasons for drinking less or abstaining completely, both an increased awareness to the health risks associated with alcohol consumption, as well as not being able to afford alcohol were cited by millennials as reasons to go dry. Questions regarding the existence of Pabst Blue Ribbon or Crystal Palace Vodka were not included in this study.
The results of this study seem to agree with a separate study of alcohol intake among millennials from the U.S., U.K., the Netherlands, and Mexico. When asked about their beliefs concerning alcohol, 3 out of 4 millennials said they believed moderating their drinking increased their quality of life, and 38 percent reported moderating their drinking every single time they go out.
Only 4 percent of millennials reported the strength of alcohol to be the most important factor. This is not surprising, according to Ben Steinman, who is president of Beer Marketer’s Insights. In 2014, craft beer sales were nearly 20 percent higher than sales of the regular beer industry, suggesting that consumers are placing an emphasis on flavor and quality, rather than cost. When it comes to alcohol, said Steinman, “[millennials are] seeking variety, innovation and flavor.”
Experts noted that moderating alcohol intake is beneficial for financial health, as well as physical health. Arielle O’Shea, a finance expert at NerdWallet noted that millennials are much more likely to spend money when alcohol enters the body.
“When you drink, you start letting your guard down and you’re more likely to spend more money on other things,” said Shea, who specifically noted the “sip-and-click,” practice of many women who online shop after consuming alcohol.
