The research, revealed at Mintel’s Future of Alcoholic Beverages conference, found that while 68% of 18 to 24 year-olds have bought a premium drink in the past year, 71% of those say they are likely to buy fewer premium alcoholic drinks due to rising prices.
However, 75% said they are only willing to pay more if they can easily taste the difference from cheaper equivalents. On a positive note, 45% of younger drinks still choose quality over quantity when buying alcohol.
The report highlights some significant differences between 18 to 24-year-olds and the adult drinking population as a whole when it comes to the question of what would encourage them to spend more on alcoholic drinks.
Among 18 to 24 year-olds, 44% would be encouraged to spend more if there were added flavours, while for the population as a whole the proportion is 19%.
In addition, 39% of young adults would spend more if they believed there was more “purity” in the drink, and 38% would do so if it was a limited or special edition. For the general population the proportion is 29%.
More than one in three (35%) of younger drinkers would spend more if there are gifts attached (overall population: 19%), and 30% would do so if the drinks use rare ingredients (general public: 17%).
Meanwhile, 47% of 18 to 24 year-olds think there should be more information available for people about drinking in moderation.