Its a variety of reasons why young folks don't go out like in the past. It varies from person and the day.
First is money and inflation. Yes money is an issue because nowadays folks are more bougie and want to live life like the reality shows (Love and Hip Hop, Real Housewives, etc.). Women want to glam up and get with their girls and be on their phones taking pics and stuntin for social media. They want to be the Karlie Red's, Mimi's, Cardi B;s, Yancy;s, Tammy's, Jessica Dime Piece's, Joceline's, Rasheeda's, Princess, Miss Nicki Baby, etc. It costs money to live like that and sustain that lifestyle unless they have a simp, trick or sponsor and a lot of black men not making high money like that. Then clubs have cover charges, charge the hell out of u if u want to turn up and drink, and the food. Drinks be like $10-12+ at some spots and half the time most are very mediocre to poorly made and mixed or watered down. Then most folks nowadays want to stunt with a nice outfit. U know niqqaz and chicks wanna be fresh. Women may want a fresh weave or hairstyle for going out and niqqaz need that sharp line up and fresh cut...unless u wanna go out like a rugged savage...which could work for some. Then some folks cant manage their drinking, spending, and shopping habits so they tend to overspend after the weekend is over. Inflation makes it hard to have sufficient disposable income to actually enjoy urself the way u want to. A lot in this country don't have $1K in the account for emergency. Hell, a lot don't have $500 and live paycheck by paycheck.
Next is how the game has changed. Back in the day...men were more alpha male like or at least assertive and women were more receptive and made it known to men they liked them. Women gave average men the time of day back in the day. Nowadays the game has changed and that's due to reasons like social media. U have lower tier women gassed the fuk up thanks to simps and top tier men giving them the time of day. So u got ur lower tier women wanting the top 20%...u know the 20/80 concept that's been discussed on this site before. Some men may not feel its worth it getting rejected by basic/avg to low tier women.
Then u factor in social media. It results in folks being less prone to face to face interaction, younger folks lacking people skills and social understanding, and with the internet, apps and social media...people don't have to go out anymore...this includes shopping, getting food to eat, finding relationships, getting sex, etc. Why u hear the Netflix and chill, firestick and dyck, chicken wings and fries we don't go on dates, etc...Why spend the extra money when so many of us are financially strained as it is. Times changing and u have to change with them or u will be left behind.
And yes there are many of other activities u can engage in besides clubbing and going to bars/lounges for drinks...but those other activities like going to movies, amusement parks, comedy shows, museums, out to eat, skydiving, skiing, jet skiing, bowling, going to watch sports live, haunted houses, traveling, casinos, etc. cost money. Even when u host folks over ur crib to watch a game or play cards....u gotta buy food and alcohol. It costs money to have fun unless u do free shyt like walk in the park. Money is the biggest issue I think.