In the world of beer, Bud Light is still feeling fallout from a boycott that started more than a year ago. In the first quarter of 2024, Anheuser-Busch, known for its Bud Light brand, got some good news – it beat earnings expectations despite the boycott that started in April 2023 after Dylan Mulvaney, a transgender influencer, promoted the beer on Instagram.
Recent numbers show the company saw a 2.6% revenue increase, mainly from price hikes as overall sales volume dipped.
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In the U.S., Anheuser-Busch faced a significant 9.9% drop in sales volume, largely due to falling Bud Light sales, impacting both retail and wholesale figures.
Industry consultant Bump Williams noted the boycott’s enduring impact, saying the company lost “a whole generation of hard core Bud Light shoppers.” He warned it could take a decade for Anheuser-Busch to win back their loyalty. The company is now focusing on strategies to appeal to younger consumers as they come of age.
Data from Bump Williams Consulting shows that in the last four weeks, Bud Light sales fell by 27.1% year-over-year, while Miller Lite and Coors Light sales increased by 7.8% and 15.3%, respectively.
Last year’s brand backlash extended to Target. The company addressed the controversy over its Pride Month clothing and marketing this week.
The chain announced it is reducing in-store LGBTQ merchandise during Pride Month in response to last year’s controversy. Bloomberg reported that about half of Target’s stores will carry the Pride collection this year.
Civil rights groups criticized Target for succumbing to pressure from anti-LGBTQ customers angered by Target’s Pride Month marketing and merchandise.
Despite the in-store changes, Target continues to offer comprehensive LGBTQ goods online, reaffirming its commitment to the community.
[CNBC]
“Anheuser-Busch InBev shares are higher after topping first quarter earnings estimates. As you can see, they’re up about 4%. Still, though, this is the maker of Bud Light. That’s the question here. They’re seeing a decline in demand from the boycott that started in April of last year. There’s still a carry over there.”
[LAUREN TAYLOR]
IN THE WORLD OF BEER, BUD LIGHT IS STILL FEELING FALLOUT FROM A BOYCOTT THAT STARTED MORE THAN A YEAR AGO.
IN THE FIRST QUARTER OF 2024, ANHEUSER-BUSCH, KNOWN FOR ITS BUD LIGHT BRAND, GOT SOME GOOD NEWS — IT BEAT EARNINGS EXPECTATIONS DESPITE THE BOYCOTT THAT STARTED IN APRIL 2023 After Dylan Mulvaney, a transgender influencer, promoted the beer on Instagram.
RECENT NUMBERS SHOW THE COMPANY SAW A 2.6% REVENUE INCREASE, MAINLY FROM PRICE HIKES AS OVERALL SALES VOLUME DIPPED.
IN THE U.S., ANHEUSER-BUSCH FACED A SIGNIFICANT 9.9% DROP IN SALES VOLUME, LARGELY DUE TO FALLING BUD LIGHT SALES, IMPACTING BOTH RETAIL AND WHOLESALE FIGURES.
INDUSTRY CONSULTANT BUMP WILLIAMS NOTED THE BOYCOTT’S ENDURING IMPACT, SAYING THE COMPANY LOST “A WHOLE GENERATION OF HARD CORE BUD LIGHT SHOPPERS.” HE WARNED IT COULD TAKE A DECADE FOR ANHEUSER-BUSCH TO WIN BACK THEIR LOYALTY. THE COMPANY IS NOW FOCUSING ON STRATEGIES TO APPEAL TO YOUNGER CONSUMERS AS THEY COME OF AGE.
DATA FROM BUMP WILLIAMS CONSULTING SHOWS THAT IN THE LAST FOUR WEEKS, BUD LIGHT SALES FELL BY 27.1% YEAR-OVER-YEAR, WHILE MILLER LITE AND COORS LIGHT SALES INCREASED BY 7.8% AND 15.3%, RESPECTIVELY.
LAST YEAR’S BRAND BACKLASH EXTENDED TO TARGET – THE COMPANY ADDRESSING THE CONTROVERSY OVER ITS PRIDE MONTH CLOTHING AND MARKETING THIS WEEK.
THE CHAIN ANNOUNCING IT IS REDUCING IN-STORE LGBTQ MERCHANDISE DURING PRIDE MONTH, A RESPONSE TO LAST YEAR’S CONTROVERSY. BLOOMBERG REPORTS THAT ABOUT HALF OF TARGET’S STORES WILL CARRY THE PRIDE COLLECTION THIS YEAR.
CIVIL RIGHTS GROUPS HAVE CRITICIZED TARGET FOR SUCCUMBING TO PRESSURE FROM ANTI-LGBTQ CUSTOMERS ANGERED BY TARGET’S PRIDE MONTH MARKETING AND MERCHANDISE.
DESPITE THE IN-STORE CHANGES, TARGET CONTINUES TO OFFER COMPREHENSIVE LGBTQ GOODS ONLINE, REAFFIRMING ITS COMMITMENT TO THE COMMUNITY.
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