A recent survey conducted by Gallup reveals that the number of young adults between the ages of 18 and 34 who consume alcoholic beverages has decreased. This trend coincides with a rise in cannabis use among the same demographic. The data suggests that the increased use of marijuana may be a contributing factor to the decline in alcohol consumption among this age group.
Between July 3 and July 27, Gallup conducted the poll, which found that 62% of young adults currently consume alcoholic beverages such as liquor, wine, or beer. This is a significant decrease from the 72% reported between 2001 and 2003. Furthermore, on average, young adults now have 1.6 fewer drinks per week compared to a decade ago.
One possible reason for this decline is the growing concern among young adults about the potential health risks associated with moderate drinking. The survey revealed that 52% of young adults expressed worries about the health effects of consuming alcohol, a notable increase from 34% five years ago.
In addition to health concerns, Gallup's data also indicates a rise in cannabis use among young adults. Since 2013, the percentage of adults between the ages of 18 and 34 who use marijuana has increased by 11 points, reaching 25% today.
Gallup suggests that the increasing popularity of marijuana among young adults might be a contributing factor to their decreasing interest in alcohol. It is possible that young marijuana users consume it more frequently than their middle-aged counterparts, making marijuana a potential substitute for alcohol in their lives.
Overall, this survey highlights a noteworthy shift in the preferences and behaviors of young adults regarding alcohol consumption. The data implies that the rise in cannabis use and concerns about moderate drinking's impact on health are key factors driving this trend.
The Rising Popularity of Marijuana and Declining Alcohol Use
According to Gallup, the percentage of adults aged 35 to 54 who have tried marijuana has significantly increased, reaching 17% in recent years. This is a considerable jump from just 4% in 2013.
One possible reason behind the decline in alcohol use among younger adults could be the shifting demographics in the United States. As the population of Black, Hispanic, and Asian individuals continues to grow, it has been observed that non-white Americans have generally shown lower interest in consuming alcohol compared to their white counterparts.
In another interesting development, the craft beer industry has experienced a decline in sales. Analyst Vivien Azer from TD Cowen reveals that over the past two years, the volume of craft beer sales has steadily dropped. In 2021 alone, there was a 6% decrease in volume, followed by a 9% decline in 2022. Sales figures have also suffered as a result.
While some cannabis companies such as Tilray Brands Inc. have introduced beer products to their lineup, Molson Coors recently made an agreement to sell its stake in a cannabis-drink company to Tilray. On the other hand, Constellation Brands Inc. has chosen not to make any further investments in Canopy Growth Corp.
Also read: Molson Coors sheds no tears as Tilray buys its remaining 58% stake in THC drink company Truss Beverage
Also read: Tilray's deal with AB InBev makes it a much bigger beer company — but beers with falling sales, analysts say
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