Bud Light’s parent company Anheuser-Busch has seen its market value plunge $15.7billion since the disastrous campaign with transgender-influencer Dylan Mulvaney.
Since April 1, the company has consistently been dropping down the rankings, with experts saying it ‘just keeps getting a little worse each week’.
But their competitors have added $3.2billion in market value to their brands in the same time.
Molson Coors, which owns Coors Lite, has seen an increase of $2.2billion market value, around 20 percent, while Heineken has a spike of $1billion – an increase of 1.7 percent.
Sales of Bud Light are down more than 23 percent as of the week ending May 6, according to JPMorgan beverage analyst Jared Dinges.
‘Nobody imagined it would go on this long’: Bud Light sales continue to plummet over Mulvaney backlash
The controversy, now nearing its third month, has turned off a broader customer group than just those who characterize themselves as conservatives.
Sales of Bud Light continue to plummet, reflecting ongoing backlash to the brand’s decision to hire transgender influencer Dylan Mulvaney as a spokesperson.
According to data cited by the beverage industry trade publication Beer Business Daily, sales volumes of Bud Light for the week ending May 13 sank 28.4%, extending a downward trend from the 27.7% decline seen the week before.
At a time of profound cultural and political division in the U.S., light beer drinkers simply don’t want to be drawn into another debate about values, said Beer Business Daily editor and publisher Harry Schuhmacher.
“Most people don’t care about this issue and don’t want to get roped into a conversation,” Schuhmacher said. “Therefore they’re not going to buy the beer.”