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I don't believe this is specific to Raves, but Bars & Nightclubs in general.

Younger people don't seem to be going to these places nearly as much as generations past. I think a lot of this drop off can be attributed to Social Media & Tinder.

You don't need to go out to see your friends or find a date. So why bother? It's easier and cheaper to stay home.

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Cheaper being a big one. Here in Australia student allowance/minimum wage has hardly increased while everything else has gotten far more expensive, young people simply can't afford to drink out/attend events.

There was also a intensive effort to kill nightclubs with lockout laws

Also worth noting, and the article briefly alludes to this; college costs are higher, the difference between jobs that pay well and those that don't is wider, and everyone is very aware of all this. My guess is young people today are possibly less laissez-faire than in the past. People are worrying about their future earlier.

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