How the restaurant group behind NYC's Carbone is overcoming young people shunning alcohol [CNBC]
Constellation Brands, Inc. (STZ)
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Source: CNBC
Carbone — known for his famous restaurants like Torrisi, Carbone, and Parm—said this shift plays right into Major Food Group's strategy. In this article 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 and Johnnie Walker distiller Diageo are down 16.8% and 28.9%, respectively, over the last year. “It's a p
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