A report from Bank of America Institute has found that younger generations of Gen Z and Millennials are drinking less and working out more. The report, "The Great Moderation," analyzed aggregate credit and debit card spending data from 70 million bank of America consumer and small business accounts. It found that these younger generations are shifting how Americans choose to socialize and are driving this trend. The study also found that alcohol spending as a share of household budgets is near 40-year lows and that fewer people are choosing to drink less at home while still seeking the social aspects of bars. Despite inflation data, spending at liquor, wine, and beer stores fell 5% year over year in January and spending at bars increased 4% year after year.