Although Beer was once one of the favored canned alcoholic beverages, the growing popularity of canned cocktails and spiked seltzers has taken over the market. According to a study by the National Restaurant Association, beer consumption has hit an all-time low. Although 89% prefer ready-to-drink beverages because of their convenient packaging and relatively affordable price, consumers are shifting more towards cocktail versions of these canned drinks than the typical beer.
💰💸 Don’t miss the move: SIGN UP for TheStreet’s FREE Daily newsletter 💰💸As of February 2025, 34% of Americans prefer beer over all others, down from its usual 41%.Nonetheless, beer is not the problem. Alcohol consumption has been decreasing over the last few years since the peak of the COVID-19 pandemic, which saw one of the highest spikes in sales.
Related: Popular beer company enters the sober marketNot only did alcohol sales fall, but the uncertain state of the economy and inflation became yet another factor that forced people to begin cutting back on their alcohol spending. This trend has been especially detrimental for luxury alcohol brands, with those over $100 per bottle dropping around 8.5% in 2024.
Due to these concerning sector declines, many companies have looked for different ways to compensate for lost revenue, with some entering unexpected markets to get business back on track. Pringles Miller Lite owner struggles with continuous sales declines amid an alcohol slumpFormed in 2005.
