Millennials are spending less money on alcohol than both baby boomers and Generation X, according to a Nerdwallet analysis of a 2017 Bureau of Labor Statistics’ Consumer Expenditure Survey. The analysis notes, however, that they’re spending roughly the same percentage of their income – 1% – on alcohol. When they do drink, millennials tend to opt for wine and spirits as their drink of choice, which has created a crisis in the beer industry, as Business Insider’s Kate Taylor previously reported
Some millennials are flirting with giving up alcohol altogether, or at least drinking it more mindfully. This ties into the generation’s enthusiasm for wellness and self-care, which has prompted a boom in businesses like luxury wellness centers that offer vitamin IV drips for glowing skin, cryotherapy for workout recovery, and infrared sauna sessions to de-stress. For millennials, wellness is the ultimate modern luxury.
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