Woke corporations, ever committed to ESG and DEI initiatives, have long advanced leftist propaganda without consequence. However, transitioning a once-beloved beer into a symbol of radical gender ideology and making a mockery of womanhood was for many Americans the last straw.
Investor’s Business Daily reported that the market value of Anheuser-Busch InBev has dropped $15.7 billion since April 1 on account of the Bud Light boycott. That figure is based upon data from S&P Global Market Intelligence.
The unforced error that drew the ire of Bud drinkers was the company’s partnership with transvestite TikTok personality Dylan Mulvaney, whose activism has involved “normalizing the bulge” among other transvestites and promoting transgenderism.
This politicization and the corresponding baggage the brand picked up as a consequence prompted outrage. That outrage was tactically and effectively channeled.
While some former drinkers ultimately used Bud Light for target practice, many elected to avoid it altogether, such that cases of the light beer languished on store shelves and went untouched at sporting events.
The company worked desperately to win back the affection of those its rainbow advocacy turned off, offering Harley-Davidson beer cans, running depoliticized commercials, and even exiting its woke marketing chief.
These efforts appear to have all been in vain, serving only to hurt Anheuser-Busch’s once-perfect “Corporate Equality Index” score and to anger LGBT activists.
Jared Dinges, beverage analyst at JPMorgan Chase, revealed to clients that Bud Light sales were down more than 23% as of the week ending May 6, reported Investor’s Business Daily.
“We believe there is a subset of American consumers who will not drink a Bud Light for the foreseeable future,” said Dinges. “We believe a 12% to 13% volume decline on an annualized basis would be a reasonable assumption.”
While Anheuser-Busch reaps the whirlwind, its competitors have added $3.2 billion in market value.
Reuters reported that Heineken, aware that many Americans are swapping out Bud for other brews, is making forays into the light beer market.
The Dutch brewer is spending $100 million to push Heineken Silver in the U.S., where sales of light beers make up roughly half of the market and generated $118 billion last year. This marketing push entails the provision of over two million free samples at various upcoming events, including the U.S. Open tennis tournament this summer and the Las Vegas Formula One Grand Prix in November.
While Heineken has big aspirations, the boycott’s biggest winner among Bud Light’s competitors is reportedly Molson Coors Beverage, which has seen its shares jump up more than 20% since April 1 — adding roughly $2.2 billion in market value to the stock.
JPMorgan figures the boycott will continue to serve as a fiscal reminder to Anheuser-Busch that the American people don’t care much for its politics, suggesting that its beer volumes will drop by 12% this year.
Dinges said, “We do not expect the lost sales to be recovered in fiscal year 2024.”
TheBlaze recently reported that the former president of Anheuser-Busch, Anson Frericks, predicted it will be a “a long, hot, dry summer for Anheuser-Busch.”