Read our full analysis for a more in-depth look at these trends.
Younger generations move from barstools to barbells
Gen Z and Millennials are drinking less and working out more, reshaping where — and how — Americans choose to socialize.
February 2026
Key takeaways
- Alcohol spending as a share of household budgets is hovering near 40-year lows — not due to price changes, but because consumption is falling. People are simply choosing to drink less, especially at home as Bank of America card data shows a clear split: spending at liquor, wine and beer stores is sliding, while bar spending is still rising strongly.
- Additionally, Bank of America card data suggests that “Dry January” is not expanding, although holiday splurges are becoming more muted. So, the long-run trend is more about moderation than abstaining, in our view.
- Younger generations are driving this major shift in behavior: millions fewer 21-34-year-olds are binge drinking compared to a decade ago, according to the U.S. Substance Abuse and Mental Health Services Administration (SAMHSA). And Gen Z in particular are seeing stronger spending growth for fitness and active hobbies than bars, according to Bank of America data. In our view, some socializing is moving from barstools to barbells and that’s reshaping consumers’ social and spending behavior.
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