Millennials are drinking wine instead of beer and the industry is freaking out

Millennials are increasingly moving away from beer in favor of wine and spirits.

This trend is scaring major companies like Anheuser-Busch, MillerCoors, and Heineken, according to a recent report by Morgan Stanley.

“Overall beer consumption trends remain weak, and it appears millennials are increasingly turning to other alcoholic beverages,” the analysts write.

And many millennials who do drink beer prefer craft varieties to traditional pale lagers like Budweiser.

In fact, a recent Budweiser study found that 44% of drinkers aged 21 to 27 have never tried the brand, reports Tripp Mickle at The Wall Street Journal.