First, let me credit Emily Stewart, a senior correspondent at Business Insider, for the clever term “baby boozers.” In a recent article, she reported that baby boomers are outdrinking the younger generations of millennials and Gen Z.
Stewart cites a Bank of America Institute analysis of customer credit card spending showing the spending at bars this past January was up 1% year-over-year, led by boomers who upped their bar spending by 4%.
According to Joe Wadford, an economist at the Bank of America Institute, “The interesting thing is that a higher share of baby boomers’ going-out budgets is being dedicated to bars.” said
Stewart also notes that a “consumer survey by CGA by NIQ, a food-and-beverage industry research firm, found that average monthly spending on bars and restaurants by people between 21 and 34 fell from $166 in fall 2023 to $154 in fall 2024. During that same period, spending by people over 55 went from $129 to $170 (of course, not all of that was on booze).”
A few years ago, a Gallup survey revealed that consumers aged 55+ reported their alcohol consumption in the past two decades increased from 49% to 59%. But drinking among younger consumers (aged 18 to 34) fell from 72% to 62%.
Stewart reported on a Business Insider analysis of Bureau of Labor Statistics data showing that spending on alcoholic beverages, adjusted for inflation, decreased among most age groups since the mid-1980s—except for those over 65.
Stewart points out that “older people still drink less than younger people, but the generations are moving in opposite directions. Baby boomers are raising more glasses while their kids and grandkids are laying off.”
And she adds boomers, with more disposable income, are buying “the nice stuff,” including better wines and premium-brand liquors.
The trend to drink more is typically concentrated among younger boomers. Once they “get into their mid-70s and 80s,” Stewart writes, “they’re going to become less frequent consumers…and slow down on drinking.”
If you sell alcohol, whether in a store, bar, or restaurant, don’t ignore older consumers and their drink preferences—wine ranks high on their list.
Rieva Lesonsky is President of Small Business Currents, LLC, a content company focusing on small businesses and entrepreneurship. While you can still find her on Twitter @Rieva, you can also reach her @Rieva.bsky.social and LinkedIn. Or email her at Rieva@SmallBusinessCurrents.com.
