July 14, 2024

Athens News

News in English from Greece

The financial crisis led young people to the “temperance movement”

European youth are starting to spend less money on alcohol, experts say.

The European economy is going through a historically difficult period, this is affecting all aspects of daily life, and entertainment is certainly not left out. There are already early signs that difficult economic conditions are even affecting how young people choose what to buy or even what to drink. According to Fortune, European youth are starting to spend less money on alcohol.

But most likely, it is the recession, not lifestyle choices, that is starting a new “pro-sobriety” trend. A survey of 3,500 people in seven European countries shows that historically high inflation, rising interest rates and the energy crisis have led to massive spending cuts.

A significantly higher proportion of Gen Z and millennials in Europe plan to spend less on alcohol both at home and outside in the next three months. While disposable income fell by a quarter in Germany and Italy. In the Scandinavian countries, budget spending is reduced by 21%. Several major European economies are on the brink of recession, with Europe's largest economy Germany set to contract 0.3% in 2023.

Generation Z and millennials are starting a broad sobriety movement around the world that is widely seen as a cultural phenomenon driven by health trends, higher levels of self-awareness and more alternatives such as non-alcoholic and low-alcohol drinks.

A survey of US consumers by NCSolutions found that 61% of Gen Z plan to cut back on alcohol spending this year, while older and wealthier adults are expected to follow suit.

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