Jason Hall

I don't know if I would say it's permanent, but I think that we can certainly think that this may be a generational shift.

The trend aligns with data that younger adults are less likely to go out in public group settings, like bars, and have become more socially isolated, spending more time on apps.

Honestly, some of the trends that have led to the rise of the Robin Hoods of the world are things that are, on the other side, maybe affecting this.

We could talk about the negative implications of that.

In terms of less social activity, less engagement, less interaction with real people in the real world.

There are some upsides to less alcoholic consumption.

At the same time, there's also anecdotal evidence that the social lubricant aspect of social drinking has some net positive aspects for society.

But it's certainly looking like, to your point, a lot more than just a macro thing here.

After all, history does tell us that there's an inverse correlation between economic factors and alcohol consumption, i.e., people tend to drink more when times are tough, not less.

I also don't buy the GLP-1s are undermining the snack food and booze industry in anything like permanent ways.

People quit GLP-1s at very high rates because they make them feel miserable.

And then they go back to the lifestyle and habits that they had before.

So until we see GLP formulations that don't make a large cohort of patients feel like crap, I don't believe those drugs are going to permanently alter people's consumption patterns.

Now, carrying it a step further, we are also seeing trends of lower underage alcohol consumption as well.

Again, not a bad thing, but it's a thing that's happening.

Jeff, maybe you have a

next generation?

Cannabis, I think, has too many yellow flags.

The consumer goodsification of that industry, the packaged branded products, I think it erodes the potential for anybody to do what the tobacco industry does, which is take a really cheap product, find a customer base that's addicted to it, and get good margins.

Can I actually skip both and just take Altria for the over here?