In 2023, Bud Light faced a significant decline in sales after partnering with a transgender influencer, leading to a boycott and a 28% drop in retail sales.
This decline reflects a broader trend in the beer industry, where changing consumer tastes and the emergence of new players are impacting traditional brands.
“It was a tough year for beer,” David Steinman, BMI vice president and executive editor said. (Trending: Donald Trump Breaks His Silence After Major Court Win)
Beer sales plunge to lowest levels in 24 years — thanks to Bud Light’s disastrous Dylan Mulvaney campaign https://t.co/0yq8x0Pn0v
— RTillery (@Rescue6592) December 28, 2023
The industry faced challenges amid an expanding economy and oversupplied alcohol marketplace, with craft beer saturation and a shift towards nonalcoholic drinks and canned cocktails.
“For example, some of the world’s largest soft drink and energy companies introduced sugar-forward alcohol beverages to the market, all of which are vying for the same consumer occasions as traditional malt- and hop-forward products,” Lester Jones, vice president of analytics and chief economist at the National Beer Wholesalers Association said.
“The U.S. beer industry had a wild ride in 2023 against the backdrop of an expanding economy that created more jobs and wage gains for many people, as well as an oversupplied alcohol marketplace that saw a rapid influx of new products,” Jones said.
While profits remained relatively stable due to price increases, industry experts expressed concerns about the future.
“With prices going up, dollar sales have continued to grow and profits have been rising,” Steinman said.
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