As teased yesterday, a recent Bank of America report suggests that consumers are not spending less on bev-alc, but are instead shifting their spending to the on-premise versus the off-premise.
Consumer spending at bars in January increased +1% YoY, and increased versus fall trends, according to the report, which used aggregated card data from its own customers. Meanwhile, consumer spending at “alcohol stores” declined -5% YoY in January, consistent with trends from the past two years, and below the +1% average YoY increases recorded in 2019, prior to COVID-19 pandemic, according to the report. Among Bank of America card users, Baby Boomers recorded the largest increase in spending at bars (+4% YoY in January). The growth of Baby Boomer spending at bars has remained above any other generation since at least January 2023, and has been accelerating since the end of 2024. The generation is also the only one that’s spending has remained growth for the full two-year period. Insiders can read more, including Wadford’s theories for why consumer spending habits have shifted, such as price increases, and an overstock of consumers at-home bev-alc collections. | 
