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80% of Bud Light consumers ‘favourable or neutral’ about the brand
AB InBev has said that most consumers are “favourable toward the Bud Light brand” and “approximately 80% are favourable or neutral”.
The statement, which came during the company’s second-quarter earnings call, followed the Bud Light brand’s drop in sales, which, according to reports, led to the company’s stock sitting at US$56.18 per share at market close on 1 September and saw shares slip 0.7% in August and, as of Friday, were down 5.2% this year.
During the call, Anheuser-Busch CEO Michel Doukeris addressed Bud Light’s sales drop and admitted: “In the U.S., the beer industry remained resilient delivering revenue growth of 2.3% this quarter and with beer gaining share of value of total alcohol in the first half of 2023. Our revenues declined by 10.5% and STR (sales to retailers) volumes [dropped] by 14% with performance impacted by the decline of the Bud Light brand.”
Doukeris explained: “We have actively engaged with over 17,000 consumers since April, and there are a few clear insights. First, most consumers surveyed are favourable toward the Bud Light brand and approximately 80% are favourable or neutral. The consumer will always be at the centre of everything we do.”
He insisted: “Second, regardless of favourability, our consumers across all sentiment groups have three points of feedback in common. One, they want to enjoy their beer without a debate. Two, they want Bud Light to focus on beer. Three, they want Bud Light to concentrate on the platforms that all consumers love, such as NFL, Fields of Honor, and music.”
Doukeris added: “We are taking the feedback and working hard toward our consumers’ business every day across the world. While our total beer industry share declined by 520 bps (basis points) this quarter to 36.9%, it has been stable since the last week of April through the end of June.”
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