Why are the younger generations rejecting clubs, bars and other social institutions?

For context I’m on the older end of Gen Z (so still young! 😅) and growing up I couldn’t wait to go out to bars with my friends etc. (in fact I was doing all this way before I should have been in all honesty) It seems today though that ‘the youth’ have largely abandoned these social rites of passage and have little interest in them.

Bars and clubs in my area are all closing down due to the ‘nightlife’ industry dying out, and on the rare occasion I go out myself these days it seems to be overwhelmingly older people enjoying what’s left of the scene. Young people today are not doing what I was at the same age, just a decade ago.

Of course I’m not suggesting it’s necessary to drink etc. to have a healthy social life or have fun, but the switch up in a single (half?) generation doesn’t feel organic. A part of me also wonders whether abandoning these ‘social institutions’ may partly explain other things like younger people not dating as much as prior generations.

Are younger people just less social now? More risk averse? Or are they just being smarter by avoiding it and staying home instead?