Who’s Been Drinking
Income and age are factors when determining who is drinking alcohol. According to the Pew Research Center, 58 percent of adults 18–34 drink while 66 percent of those age 35–54 drink alcohol. Sixty-one percent of adults 50-plus drink.
People with higher incomes also drink more. Seventy-nine percent of those with a household income of $100,000-plus drink alcohol.
What Do Americans Spend on Alcohol?
Nielsen Catalina Solutions reports that Americans say they spend approximately $105 on alcohol per month. That breaks down to $58 at the grocery store and $47 at restaurants. That equates to $1,260 annually.
Stopping Drinking to Save Money
In 2022, inflation went as high as 9.1 percent, and many people haven’t financially recovered from that. Inflation is now hovering around 3 percent, but many Americans are playing catch-up with their savings and are still cutting expenses. Alcohol is one of those expenses.
In 2023, Americans had on average four alcoholic drinks weekly. Those same people are now drinking three drinks per week. And with this reduction in drinking comes a savings.
Spending Related to Alcohol
But there are other monetary costs to drinking than just buying beer or wine. There are also those online purchases that were fueled by that glass of wine. Seventy-nine percent of alcohol users made at least one purchase when influenced by alcohol. If you’re drinking nightly or weekly, this can add up fast.
Many who go out to drink end up paying for an Uber or Taxi to take them home. If you’re out one or two nights a week, it could be doubling your drinking expenses.
And although it’s not spending money, the lost time of recovering from a night of drinking can be costly.
Alcohol Purchase Habits
The most popular alcohol is wine followed by spirits and beer. Alcohol has ebbs and flows to purchasing cycles. For example, purchases are usually down in January compared to December. But considering December is a higher party time, that’s not a surprise.
Non-Alcohol Beverages Trending Upward
Dating back to the Prohibition era, non-alcoholic drinks and mocktails aren’t new. But they didn’t become commercially successful until the late 1970s.
In 2024, the non-alcohol industry is expected to grow by $500 million.
Alcohol Consumption Trends Downward
There’s still drinking. But many Americans are taking Nancy Reagan’s advice and just saying “No” to to that wine and beer.
Millennials are especially taking heed to that philosophy, since their drinking has decreased by 40 percent. Overall, the younger generation is thinking twice before reaching for that cocktail.
College graduates outperform everyone when it comes to imbibing. They ring in at 74 percent.
But Americans as a whole, are reaching for that non-alcoholic beverage.
The Epoch Times copyright © 2024. The views and opinions expressed are those of the authors. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice. The Epoch Times holds no liability for the accuracy or timeliness of the information provided.