Young people are drinking less and going out less, which is bad news for restaurants, bars, and alcohol makers.

• Alcohol sales are falling, and the drop started before the pandemic.
• People are eating and drinking out less often, squeezing restaurants.
• The habit is being replaced, not dropped — weed, THC and CBD gummies, and kava are picking up the slack.
• The same pattern played out with cigarettes, where quitting smoking led straight to vaping.

Outlook: Alcohol companies likely keep losing ground while cannabis and alternative drinks take more of the spending.