Younger generations like Gen Z and millennials are reportedly drinking less and favoring sober activities, while baby boomers are increasing their alcohol consumption and spending on social outings. Recent studies reveal that older adults are dedicating a larger portion of their budgets to bars, with spending by those over 55 rising significantly. In contrast, drinking and spending among the younger demographic is decreasing, showing a clear generational divide in drinking trends and social habits.
A higher share of baby boomers' going-out budgets is being dedicated to bars, indicating a willingness to spend more on social drinking as they enjoy their retirement.
Gen Z and millennials are scaling back on alcohol, with spending on bars and alcohol stores dropping significantly, contrasting with the increased spending trends among baby boomers.
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