Why I’m No Longer Investing in Beverage

Gen Z is drinking 87% less alcohol than older generations.

Boomers, Gen X, and Millennials collectively pour billions into the alcohol industry every year. But Gen Z? They’re shifting their wallets—spending just $3.1 billion annually compared to over $23 billion from previous generations.

This isn’t a slow decline. It’s a fundamental shift in consumer behavior.

Despite the success stories of brands like Olipop, which recently raised $50 million in a Series C round at a $1.85 billion valuation, and today’s news of the Poppi acquisition for $1.95 billion, I’m not investing in the alc or non-alc categories right now. Even in categories where brands have proven the ability to scale, the challenges of building a beverage business are immense.

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