Life as a millennial has kind of sucked between multiple once-in-a-lifetime events, but sharing a craft beer with my husband as we walk down the Pinellas Trail with our Goldendoodle puppy does make the grind better!
But my little piece of heaven represents how millennials spend their money. From craft beer, organic produce, and socially aware brands, we are leading a change in consumer spending, focusing on products that make us feel better about buying. But how can a company capitalize on these marketing dollars?
As I mentioned in my previous blog, The Lipstick Effect, women drive household purchases and will modify their purchase habits to reach a level of comfort
This comfort isn’t just lipstick or their family’s favorite brand of chicken noodle soup when their children are sick; this is true with craft beer, wine, and spirits. The simple pleasure of experiencing a new brewery or sipping a new bottle of wine with her girlfriends is not only a product, but they’re also providing the memories that contribute to their desired lifestyle.
According to BuzzFeed, about 54 percent of millennials love a good craft beer
Millennials are at least 25% more likely than any other generation to enjoy craft beer. But what do we know about the target audience?
Millennials are the largest generation in the US. They are increasingly more racially and ethnically diverse, more educated than previous generations, slower to get married, and less likely to own than rent.
Also, according to Nielsen data, Millennials are willing to spend more on beer, wine, and spirits than previous generations giving additional merit to the millennial generation emphasizing lifestyle experiences. In another study by Nielsen, women buy more than half of beer sold in America and account for the direct growth in the beer, wine, and spirit category.
Create a brand where millennials, precisely millennial females’ unique tastes, and preferences, match their experience lifestyle.
Breweries, distilleries, wineries, and similar brands can reach these relatively untapped audiences and capitalize on them by appealing to them by mirroring their family and friends’ diverse makeup, interests, and flavors and helping them to imagine the experience they will have while enjoying their beverages of choice with their friends and family.