Prolonged hangover

When Prohibition ended in 1933, Americans rushed back to the bar. Nine decades later, the trend is quietly reversing. The numbers tell a nuanced story. Overall binge drinking in the US barely moved between 2014 and 2024 — 56.7 million people down to 55.9 million. But beneath that headline lies a generational shift. Adults aged 21–34 drove a 3.9 million reduction in binge drinking over that decade, while older cohorts partially offset the decline. The behavioral change is real and accelerating. Younger consumers are increasingly sober-curious, fueled by wellness culture, changing social norms, marijuana legalization and spending less time in social occasions. A growing share simply view alcohol as unhealthy. Investors have noticed. Premium spirits companies — once trading at 20–30x earnings — have seen multiples compress as volume growth stalls and brand loyalty among Gen Z proves elusive.

Source: Goldman Sachs, December 2025.