Big booze is reinventing itself

年轻人为何不喝酒了

Money Talks from The Economist

2026-09-25

38 分钟
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Global alcohol consumption fell by 2% in 2025. It was the third straight year of decline, as younger drinkers prove they are not as boozy as their parents. As drinks-makers face an uncertain future, competition is sharpening. With brewers, vintners and distillers expanding into new domains, which companies hold the advantage? Guests and hosts: • Jacob Aarup-Andersen, CEO of Carlsberg • Trevor Stirling, analyst at Bernstein • Avantika Chilkoti, global business writer at The Economist • Alice Fulwood, co-host of “Money Talks” • Ethan Wu, co-host of “Money Talks” Topics covered: • Alcoholic drinks industry • Ready-to-drink cocktails • Alcohol-free drinks Transcripts of our podcasts are available via economist.com/podcasts. Listen to what matters most, from global politics and business to science and technology—subscribe to The Economist.
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  • The Economist.

  • Twice in a few weeks the government has struck.

  • This time a brewery on South State Street said to belong to Al Capone.

  • If anything captures America's strange relationship with booze, it's probably prohibition.

  • It's a scene of joy or sorrow depending on how you feel about it.

  • The nationwide ban on alcoholic drinks began in 1920,

  • and was repealed 13 years later,

  • much to the displeasure of the Women's Christian Temperance Movement.

  • I think prohibition will come back.

  • Amen.

  • Amen.

  • Amen.

  • Nearly a century on, it seems that temperance has returned.

  • New polling from Gallup shows that Gen Z and millennial Americans

  • are less likely to drink than previous generations.

  • Only half of adults under the age of 35 drink alcohol at all at any time, even a little bit.

  • So, today, how is the booze business responding to this new wave of sobriety?

  • You're listening to Money Talks from The Economist,

  • our weekly podcast on the markets, the economy and the world of business.

  • In Washington, DC, I'm Alice Fulwood.