The MillerCoors Corporation is cutting back more than 350 jobs due to an overall decline in beer sales in the past few years. The trend of diminishing sales has been attributed to younger people avoiding the purchase of beer in recent times. The large-scale beer manufacturer is struggling to find ways to market to millennials, who, and according to Business Insider are “ditching beer.”
The CEO of MillerCoors, Gavin Hattersly, stated in an email to distributors that they are trying to get their business back on track as soon as possible. The volume of beer sales in the US has declined over the past four economic quarters, acknowledged by the parent company of MillerCoors, Molson Coors Brewing Company. The company aims to turn around the sales of Coors Lite, one of its historically highest selling beers.
The trend of young people purchasing less beer may be harder to understand than simple marketing flaws, as millenials may be uninterested in large beer brands. Budweiser has also had trouble this year in sales. The research by Business Insider does show that wine and spirits have not fallen victim to the same sales problems as beer this year, and that the younger gen Z population also prefers spirits to beer.
