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The restauranteur behind New York’s famed Carbone said there’s been a big shift in consumer behavior with younger customers spending less on alcohol but more on high-end dining experiences.
“They’re definitely health conscious. There’s certainly been a trend of drinking less,” Mario Carbone, the CEO of Major Food Group, said on “Mad Money” on Friday. “But what they’re also saying is we’re willing to spend a disproportionate amount of money on experience … travel, dining.”
Over the last few years, alcohol stocks have been under pressure, as major brewers and spirits makers grapple with slowing volume growth, weaker demand among younger consumers, and a broader shift toward moderation. Modelo brewer Constellation Brands
