Mamdani markets, America bets, Gen Z drinks

Summary

Podcast Summary: The Indicator from Planet Money

Episode: Mamdani markets, America bets, Gen Z drinks
Date: July 31, 2026
Hosts: Darian Woods, Adrian Ma, Ricky Mulvey

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Episode Overview

This episode features the recurring “Indicators of the Week” segment, where hosts spotlight key economic numbers and stories making headlines. The trio unpacks three main discussion points:

• The economics and policy design of New York City’s proposed government supermarkets (a.k.a. “Mamdani markets”)
• The explosive growth in sports betting and how spending compares to other entertainment industries
• Fresh data challenging narratives about Gen Z alcohol consumption

The episode is lively, playful, and packed with thoughtful analysis and sharp wit, closing with host Darian Woods announcing a temporary departure to write a book about decision making.

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Key Discussion Sections & Insights

1. The Mamdani Markets: NYC’s Government Supermarkets

Segment Begins: [02:12]
Key Number: 30 (percent discount)

• Overview: New York City is advancing plans for city-supported supermarkets selling a core set of groceries at 30% below market rates.
• The city will subsidize operations by providing land, buildings, and covering property taxes, while private grocery companies handle daily management.
• This deep discount intends to combat food insecurity and grocery affordability, but raises major questions about market impact and policy feasibility.

Economic Concerns:

• Thin Margins:
  “Grocery stores famously operate on razor thin margins.” — Adrian Ma [02:37]
• Risk of Arbitrage:
  “If you’re selling eggs and milk and bread at 30% below the market price, some entrepreneurial people are going to… sell it elsewhere for a roughly instant 30. This is known as arbitrage.” — Darian Woods [03:31]
• Supply Controls:
  The city may use a discount card/membership system to prevent reselling (“milk scalpers”), but details are still hazy.

Memorable Exchange:

• “I guess the idea here is that this would compensate the businesses for selling those core goods at a 30% discount.” — Adrian Ma [02:57]
• “[Arbitrage]. Milk scalpers. I can’t wait to see them.” — Ricky Mulvey [03:52]
• “Did somebody not anticipate this?” — Adrian Ma [03:55]

Notable Context:

• Publicly subsidized grocery stores have been tried (and sometimes failed) in Illinois, Georgia, Wisconsin, Missouri, and Florida.
• Politically, the project is highly polarized: “Mamdani is the darling of the left and the villain for the right.” — Darian Woods [03:09]

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2. America’s Sports Betting Boom

Segment Begins: [04:31]
Key Number: $166 billion (total bets), $17 billion (industry revenue)

• Sports betting is “becoming America’s favorite pastime,” with Americans betting $166 billion last year—more than what’s spent on movies, the arts, museums, and music combined.
• Clarifying the Comparison: The huge number represents the amount bet, not what’s actually lost or spent for entertainment.
  • “What they should be comparing is how much loss you’re actually making when you’re gambling.” — Darian Woods [05:24]
  • Industry revenue (money betting companies actually keep): $17 billion [05:35]
  • For perspective: Museums took in $16 billion, recorded music $11.5 billion, and North American box office ticket sales were $9 billion last year.

Industry Growth:

• “It’s an exploding industry. ... Sports betting in 2024-2025 is a 23% growth in just one year.” — Adrian Ma [06:43]

Lively Banter:

• “It’s trading, not gambling.” — Ricky Mulvey [06:54]
• “Alright, you got a different word for the exact same thing.” — Darian Woods [06:56]

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3. Gen Z and Drinking: Debunking the Dry Generation Myth

Segment Begins: [07:08]
Key Number: 74% (Gen Z drinking rate)

• Recent headlines claimed Gen Z is “swearing off booze,” but the data tells a different story.
  • “The drinking rate among Gen Z is virtually identical to the total adult population at 74%.” — Ricky Mulvey [07:19]
  • Source: IWSR, an alcohol data company.

Trends and Theories:

• Gen Z appears to “start late” due to delayed legal drinking ages, but their participation is similar to previous cohorts once of age.
• Overall, U.S. alcohol volumes have declined for three consecutive years.
  • “My theory: maybe everyone turned 30 at the same time and realized hangovers started getting worse.” — Ricky Mulvey [08:02]
• Alcohol is increasingly seen as “the new cigarettes”—less healthy and less trendy.

Social Habits:

• Gen Z drinks most often in social groups: “18% of Gen Z drinkers said they drank alcohol with at least five other people the last time they drank. And that’s the highest rate of any generation.” — Ricky Mulvey [08:10]
• “Boozing with your friends may be a treatment for [loneliness].” — Ricky Mulvey [08:28]

Smart Takeaway:

• “Sometimes we like to point the finger at one generation for behavior, when in reality there’s broad scale economic trends that affect everybody.” — Ricky Mulvey [08:42]

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4. Personal Announcement: Darian Woods’ Departure

Segment Begins: [09:04]

• Darian Woods announces he’s taking a leave for the rest of 2026 to write a book about decision making, specifically exploring the "explore-exploit dilemma."
  • “This book is about decision making and specifically the Explore Exploit dilemma.” — Darian Woods [09:13]
  • Estimated publication around 2028
• Ricky Mulvey will fill in as co-host during his absence.
• Warm exchange between hosts about the change and their excitement for the book.

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Memorable Quotes & Timestamps

• “Milk scalpers. I can’t wait to see them.” — Ricky Mulvey [03:52]
• “Grocery stores famously operate on razor thin margins.” — Adrian Ma [02:37]
• “What they should be comparing is how much loss you’re actually making when you’re gambling.” — Darian Woods [05:24]
• “It’s trading, not gambling.” — Ricky Mulvey [06:54]
• “The drinking rate among Gen Z is virtually identical to the total adult population at 74%.” — Ricky Mulvey [07:19]
• “Sometimes we like to point the finger at one generation for behavior, when in reality there’s broad scale economic trends that affect everybody.” — Ricky Mulvey [08:42]

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Episode Structure

1. Indicators of the Week: Number-driven breakdowns on three hot topics [02:12–09:04]
2. Personal/Host Announcement: Darian Woods on writing his book [09:04–09:44]
3. Closing credits and acknowledgments

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Useful for Listeners Who Missed the Show

• This episode unpacks headlines about government intervention in grocery retail, America’s changing entertainment spending, and societal trends among Gen Z with fun, sharp economic analysis and data-driven commentary.
• It refines news narratives, challenges misleading statistics, and offers a balanced, evidence-based view on the week’s news.

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For further details or a subscription to the Indicator Newsletter, visit npr.org Indicator Newsletter.

Transcript

[A]

Waylon I'm so proud of myself. I just won the top prize at Ring Toss.

[B]

Oh, is that why you're holding this giant teddy bear?

[A]

Darian no, I just brought this one from home. But what I did win was a subscription to the Indicator Newsletter.

[B]

Oh, congratulations.

[A]

That's very exciting. You can sign up [e-mail] Indicator Newsletter

[C]

NPR

[A]

this is the Indicator from Planet Money. I'm Darian woods here with Adrian Ma and Ricky Mulvey. Ricky Mulvey, financial podcaster, sometimes contributor to the Indicator. You're joining for a little while. We'll get to that later. But for now it is Indicators of

[C]

the Week, that day of the week where we talk about our favorite numbers from the news.

[A]

On today's episode, the economics of Mumdani's grocery stores.

[C]

Americans getting super juiced on sports betting and Gen Z.

[B]

Turns out they like to drink just like other generations.

[A]

It's all after the break.

[C]

Who amongst us doesn't like to tip back a cold one or three?

[D]

This message comes from NPR sponsor Carvana. Carvana makes car buying easy 100% online prices down to the penny delivered to your door. Why make car buying hard when it could be easy? Visit Carvana.com today to terms may apply. This message comes from Capella University. You know that feeling when there's a spark building inside you that you were meant for more? That's your own drive pushing you towards what's next. Capella University gets that with their Flexpath learning format, you can set the pace and earn your degree without putting life on pause. You've built experience and know what you're capable of. Now this is your time to turn that momentum into more. The only real question is what can't you do? Learn [e-mail]. this message comes from Wise. The smart way to manage your money around the world. With Wise, you can send, spend and receive Money in over 40 currencies at the mid market rate. Learn more at wise.com Ts and Cs apply

[C]

indicators of the Week. Darian Woods, I'm going to let New

[A]

York City Mayor Mamdani announce my indicator of the week and I ask that

[C]

we begin by reflecting on the number 30.

[A]

So on Monday, the mayor announced the next steps to establish government supermarkets. 30 was the percent discount that a core set of groceries would have to be priced at at these supermarkets.

[C]

That is like pretty hefty discount.

[B]

Yeah. Grocery stores famously operate on razor thin margins.

[A]

This announcement shed light on a few more details on how these city backed grocery stores would the city is seeking requests from private grocery store companies who would manage the day to day operations. The city would pay for the land, the building and the property taxes.

[C]

So I guess the idea here is that this would compensate the businesses for selling those core goods at a 30% discount.

[A]

Correct. Now, this is not the first attempt at a publicly subsidized grocery store in the US it's currently being tried in Illinois, Georgia, Wisconsin, and similar projects have failed in Missouri and Florida. But of course, Mandani is the darling at the left and the villain for the right. So all eyes will be on how this plays out in New York.

[B]

And I'm sure the criticisms and compliments towards this project will be made in good faith. Darian.

[A]

Yeah, keep dreaming. And from an economics point of view, it'll be fascinating. If you're selling eggs and milk and bread at 30% below the market price, some entrepreneurial people are going to want to take those eggs and that milk and that bread and sell it elsewhere for a roughly instant 30. This is known as arbitrage.

[C]

Milk scalpers. I can't wait to see them.

[A]

Indeed.

[C]

Okay, has somebody not anticipated this?

[A]

Yes. And in fact, Mamdani was asked about arbitrage, and his colleague Jeannie Pack answered that they were looking to focus on everyday New Yorkers and might have some kind of card that customers can use.

[B]

Sounds like they're trying to go for the Costco model.

[A]

Yeah, the details aren't there. You'll be allowed to walk in without a card, but based on the request for a proposal document, there will be some kind of card that gives you discounts and monitors people buying large amounts. Some kind of enforcement of that. But I wouldn't be surprised if people do get creative to find a way around it.

[B]

I wouldn't either. And, Adrian, your indicator is about gambling.

[C]

It is. And the number is $166 billion, which comes from this Fortune story that kind of got us talking in our morning meeting. The headline was Gambling Becomes America's Favorite Pastime as Americans Spend More on Sports Bets than movies, arts, museums, and music combined. The article says Americans wagered roughly $166 billion on sports betting last year, while they spent about 70 billion on movies and music and museums, et cetera. And at first blush, this is pretty astonishing, Right? But then, as our colleague Darian has pointed out, this is also kind of a weird apples to oranges comparison. Yeah, exactly.

[A]

You might spend a lot on gambling, but you're expecting to win at least part of that back. So what they should be comparing is how much loss you're actually making when you're gambling.

[C]

That's right. And that is actually the key word that I think would make for a better comparison, revenue. And I looked up a stat from the American Gaming association, and they say that sports gambling revenue last year, which is to say the money that companies got from consumers for facilitating their bets was $17 billion. And by contrast, consumers spent roughly $16 billion in museums, 11 and a half billion on recorded music, and. And North America's box office saw 9 billion in ticket sales.

[A]

So still a large number, but not as ginormous.

[B]

And I'm sure the number's a bit bigger if we count prediction market losses. But when you look at it in context, if you combine these other entertainment categories, sports betting, not on top, but it's still a contender in there.

[C]

Definitely. And I think the other thing this Fortune story does get directionally right is that this is a exploding industry. It's growing very fast. And if you just compare sports betting in 2024-2025, it's a 23% growth in just one year.

[B]

It's pretty strong.

[C]

We're not even talking about all of the bets that people are making on prediction markets nowadays on sports, which is

[A]

pretty much the same thing. For all intents and purposes, it's a huge difference.

[B]

It's trading, not gambling.

[A]

All right, you got a different word for the exact same thing.

[C]

Okay, rounding home base here, my bet is that this next indicator from Ricky is going to be fantastic.

[B]

So my indicator is good news for the alcohol industry. Do you remember the stories after Covid that younger generations had sworn off booze?

[A]

I have seen these. Yes.

[B]

The drinking rate among Gen Z is virtually identical to the total adult population at 74%. That is my indicator. And the data comes from IWSR, which is an alcohol data company.

[C]

Took some time, but I knew they would get there eventually.

[B]

There was evidence that Gen Z was drinking less at least a couple of years ago. And there were a lot of theories. The Youngs were more health conscious, going out less, switching to weed. But what this new data suggests is that Gen Z, they're just late starters. Once they're legal, they're drinking but a little less. And that's the same for other generations. Total alcohol volumes have declined for the past three years. My theory, maybe just everyone turned 30 at the same time and realized hangovers started getting worse.

[A]

Yeah, I think people are definitely thinking of alcohol as less healthy than they used to. For sure.

[B]

It's the new cigarettes and hanging out in person is back. 18% of Gen Z drinkers said they drank alcohol with at least five other people the last time they drank. And that's the highest rate of any generation.

[C]

So this is saying that Gen Z prefers to drink socially?

[B]

Yeah, I mean, social isolation has become a big problem across generations. Gen Z millennials, they're lonelier than older generations. And boozing with your friends may be a treatment for this.

[A]

That isn't medical advice, I assume.

[B]

Not at all. But I think the point of this is sometimes we like to point the finger at one generation for behavior, when in reality there's broad scale economic trends that affect everybody.

[C]

Okay, well, that's indicators of the week in the books. Before we go, let us turn the mic back to Darian for a second because he's got a little announcement.

[A]

Yeah, I'm going to write a book, so I'm actually going to be leaving the Indicator for the rest of the year. This book is about decision making and specifically the Explore Exploit dilemma.

[C]

Beautiful. And when can we get an advanced copy?

[A]

Well, it'll probably come out like 2028. As you might have learned from the Planet Money book series, the process of publishing a book is a very long time. But until I return at the start of the new year 2027, I'm very happy to leave the show in the expert hands of the new co host, filling in, Ricky Mulvey.

[B]

Darian, congratulations on the book. I will do my best to take care of the show in your absence.

[A]

I will miss you all. I'll keep listening, of course, and see you back on the podcast at the start of the next year. This episode was produced by Angel Carreras with engineering by Jimmy Keeley. It was fact checked by Corey Bridges. Kate Concannon edits the show, and the Indicator is a production of npr.

[D]

This message comes from Capella University. You know that feeling when there's a spark building inside you that you were meant for more? That's your own drive pushing you towards what's next. Capella University gets that with their flexpath learning format, you can set the pace and earn your degree without putting life on pause. You've built experience and know what you're capable of. Now this is your time to turn that momentum into more. The only real question is, what can't you do? Learn more at Capella. Edu.

[E]

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