In a recent survey of 600 Americans, the German bank found that the beer brand was showing “signs of substantial progress” as consumers began to drop their boycotts.
Deutsche Bank research analyst Mitchell Collett wrote: “Crucially, former Bud Light drinkers (say) are less likely to buy the brand within three to six months. has dropped from 18 percent to just 3 percent, which is a significant improvement.” In a note on Wednesday, someone saw wealth.
The bank, which regularly publishes consumer insight surveys of major companies such as Belgian brewer Anheuser-Busch InBev, notes that the change in attitudes is particularly pronounced among consumers over 55 and those earning less than $25,000 a year.
The survey also found that 19 percent of beer drinkers are no longer willing to buy the brand, an improvement from 21 percent the previous month.
As the shift continued steadily in June and July, Deutsche Bank said it was confident it was observing “a trend, not just volatility,” and forecast a rebound in Bud Light volumes in the coming months.
LGBTQ+ controversy
Bud Light was embroiled in intense controversy in April over its partnership with transgender influencer Dylan Mulvaney. That angered conservatives, who called for a boycott of the brand on social media.
AB InBev distanced itself from the issue in May, saying a post did not constitute a movement, while Mulvaney continued to face backlash.
Bud Light’s failure to stand up to the TikTok icon angered members of the LGBTQ+ community and its allies.
The squabble had an immediate impact, with Bud Light sales plummeting.
It was overtaken as the most widely consumed beer in the U.S., and its parent company suffered a revenue loss worth $400 million in the April-June quarter.
Retail sales of Bud Light were down 26% in the month ended July 22 compared with the same period last year.
Bud Light’s loss is its rival’s gain, just like brands like Molson Coors, Corona and Heineken production As consumers search for alternatives, there’s a bloodbath.
“We don’t plan to see volumes of our largest competitor’s largest brand drop nearly 30% in the quarter,” Molson Coors Chief Executive Gavin Hattersley said earlier this month.
Directed by Anheuser-Busch InBev wealth when Deutsche Bank was asked to comment on the findings.
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