Uncorking a new consumer trend
Younger consumers are drinking less – after adjusting for inflation, Americans under 25 years old spent ~60% less on alcohol in 2023 than their counterparts did in 2003. The decline in alcohol consumption by the younger generation to date has been offset by heavier drinking in middle age. However, as today’s middle-aged drinkers age, Morgan Stanley believes this will be a headwind to overall alcohol consumption volume.
Source: Bureau of Labour Statistics, Washington Post, Morgan Stanley Research (March 2025)
Please contact us should you wish to receive the original version of this article, or would like access to a prior version.