The $300 Per Month Gym Membership Is Becoming Gen Z’s Night Out

At 7 p.m. on a Friday in London, the lobby of Third Space in Soho looks more like a members’ club than a gym. There’s a humming smoothie bar, twenty- and thirtysomethings in color-coordinated workout sets and a steady stream of arrivals heading to reformer Pilates classes.

A decade ago, this crowd might have been outside the pub, drinking anything but a smoothie.

Across the UK and US, younger consumers are redirecting their discretionary income from nightlife to fitness. Gym-related spending among Gen Zers and millennials is rising as alcohol consumption continues to decline, according to a February report from Bank ...