But it turns out brands are still working out how to tackle the generation who would rather drink at home than in a club.
At the Millennials 20/20 Summit in London today, consultancy firm C Space said it had been muscling into millennials' WhatsApp groups and visiting universities, in order to get to grips with "the predrinks" and advise businesses how to deal with this crazy new phenomenon.
Charlotte Burgess, director of growth at C Space, said: "If you understand the predrinks, what happens when you bring out the drinking games, and how it moves from low-tempo to high-tempo, you can start to think creatively about what types of products you should be creating."
Young people are "very fickle and price-driven" and are "actively trying to avoid spending money when they're out in bars".
The choice for brands is whether they want to engage young people in the "home space" or just give up and wait for them to leave university.
Burgess added that the best brands targeting the SnapChat generation are apps like Dojo, which is good at classifying drinking - apparently, young people are looking for all kinds of new places to drink.
Apps that highlight general drinking holes as well as late-night drinking, rooftop drinking and brunch drinking venues are perfect of the "experience-led mind set of millennials".
Apparently, the best way to grab the new set of young professionals - who actually prefer sitting at home with their friends - is to make sure every base is covered. Who knew...