podcastsinenglish Level B.73 The artisan economy
Jun 7, 2018
Explore the rise of the artisan economy, from homemade bread to craft beer, driven by millennials craving authenticity. Discover how the craft movement is burgeoning globally, with significant growth in categories like farm-to-table dining and handmade cosmetics. Dive into the explosive world of craft beer, which could capture 20% of market share, and learn about the rapid expansion of craft spirits. Examine how large companies are adapting to this trend, deciding whether to acquire or innovate, as craft products reshape market dynamics.
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Definition And Millennial Demand
- Artisanal products are defined by being locally sourced, handmade, and often produced in small batches.
- Millennials drive demand for authentic, risk-taking products that fit broader consumer megatrends.
Craft Is Expanding Beyond The U.S.
- The craft revolution spans categories and is strongest now in the U.S. but expanding globally.
- It could become a global phenomenon over the next decade and reach larger market shares in some sectors.
Microbreweries Started In Garages
- Craft beer began as small microbreweries in the 1980s and 1990s, often brewed in garages.
- That DIY origin preceded the explosive growth witnessed over the last decade.