As reported by distributors and data analysts alike, Memorial Day weekend (MDW) fell flat for the beer industry. However, some of the largest beer producers were still able to find volume growth, according to the latest Bev Bytes report from Goldman Sachs.
Leading the pack was Anheuser-Busch InBev (A-B), according to distributors surveyed by Goldman Sachs. Nearly half of respondents (58%) said A-B’s total volumes were down compared to MDW 2024. However, nearly all (94%) said A-B’s leading brand Michelob Ultra was up year-over-year (YoY), with 58% noting a “significant” bump in volume.
Michelob Ultra is one of two top-10 A-B brands to record growth year-to-date (YTD) in Circana-tracked off-premise channels (total U.S. multi-outlet plus convenience), with dollar sales up 5.4% and volume, measured in case sales, up 5.1%. Busch Light, A-B’s fourth largest brand by YTD dollars, also recorded a 5.4% increase in dollar sales, but smaller volume gains (+2.8%).
Meanwhile, Bud Light – which was A-B’s No. 1 offering historically, until a 2023 boycott of the brand – remains “pressured,” according to beer distributors. The majority of survey respondents (87%) said Bud Light volumes were down over MDW 2025 compared to 2024. A year ago, Bud Light volumes were looking positive, with 69% of survey respondents indicating positive volumes year-over-year (YoY) at the time.
Of the 87% in the latest survey, 42% said volumes were down “significantly” while 45% were down “somewhat.” Bud Light dollar sales are down 8.7% YTD and volume is down 9.5% in Circana-tracked off-premise channels. Declines have remained relatively consistent throughout the year, with dollar sales (-8.5%) and volume (-9.4%) down at similar rates in the last four weeks (L4W).
Constellation Brands was also able to find some bright spots this MDW, thanks to Mexican import brands Pacifico and Modelo Especial.
Nearly two-thirds of survey respondents (63%) reported Pacifico volumes were up YoY, with 32% noting “significant” gains. About one-fifth (18%) said Pacifico volumes were down. However, they all said declines were not significant.
Pacifico is Constellation’s third-largest brand family by YTD dollar sales. The offering has recorded the largest dollar sales (+18.2%) and volume (+15.5%) gains YTD among the top 25 beer brand families in Circana-tracked channels. Growth has slowed slightly in the L4W (dollar sales +14.5%, volume +11.7%), with Busch recording the largest YoY gains in the period (dollar sales +15.7%, volume +11.5%).
Pacifico’s sibling brand Modelo Especial “also screened quite well” with distributors over MDW, with 54% of respondents indicating positive volumes for the offering, according to Goldman Sachs. However, while still a majority, the percentage is significantly below sentiment for 2024, when 97% of respondents indicated Modelo volume gains over MDW.
Modelo is the No. 1 beer brand family in Circana-tracked channels, despite being down single-digits YTD (dollar sales -1.3%, volume -3.1%). Declines have accelerated slightly in the L4W (dollar sales -2.6%, volume -4.8%).
Meanwhile, 65% of distributors said Corona Extra’s MDW volumes were down YoY, up from the 14% who said so in 2024. Of the 65%, 11% said volumes were “down significantly.”
Corona is Constellation’s second-largest beer brand and the fifth-largest overall beer brand in Circana-tracked channels. The offering has recorded declines both YTD (dollar sales -2.6%, volume -4.6%) and in the L4W (dollar sales -2.4%, volume -4.2%).
About one-quarter (27%) of distributors said Constellation’s total volume grew over MDW, all indicating volume was “somewhat up.” The remaining 43% percent said total volumes were “somewhat down.”
Constellation’s slowed growth is partially an effect of macroeconomic pressures on the overall import segment, including tariffs and immigration policies. The segment, which was one of three segments to consistently record growth throughout 2024, is now in the red YTD (dollar sales -1.8%, volume -3.6%). Constellation’s own declines have been slightly less steep (dollar sales -0.4%, volume -2.3% YTD).
Molson Coors received positive remarks from distributors thanks to Coors Banquet, with 86% of respondents indicating MDW volume growth for the offering. Nearly two-fifths of respondents (39%) said volumes were “up significantly” compared to 2024.
Coors Banquet is up double-digits YTD in both dollar sales (+17.1%) and volume (+14.3%) in NIQ-tracked off-premise channels (total U.S. xAOC + liquor open state convenience), according to data shared by 3 Tier Beverages. Growth has slowed slightly in the L4W (dollar sales +14.7%, volume +11.8%).
Meanwhile, Coors Light and Miller Lite had a less sunny MDW, with 72% and 78% of distributors indicating volume declines for the two brands, respectively. One-third of respondents said Coors Light volumes were “down significantly” while 31% noted significant declines for Miller Lite.
Both brands – Molson Coors’ two largest brands in off-premise retailers – have similar declines YTD:
- Coors Light dollar sales -5.2%, volume -6.8%;
- Miller Lite dollar sales -5.8%, volume -6.8%.
One-fifth of distributors said Molson Coors’ total volume was up over MDW, down from 41% who said so in 2024. Of that 20%, 3% said volume was up “significantly.” The majority of respondents (70%) said Molson Coors’ volumes were down, with 37% noting significant declines.
Molson Coors’ total dollar sales (-5.4%) and volume (-6.9%) are both down YTD in Circana-tracked off-premise channels. Declines have accelerated slightly in the L4W (dollar sales -5.9%, volume -7.3%).
Other standout beer brands according to distributors include Boston Beer Company’s Twisted Tea and Mark Anthony Brands’ White Claw Hard Seltzer.
Nearly two-thirds (61%) of distributors observed Twisted Tea volume gains over MDW (down from 89% in the 2024 survey). Ten percent of respondents said volumes were “up significantly.”
However, recent scans tell a different story, likely due to Twisted Tea’s tough 2024 comps. The offering’s dollar sales are about flat YTD (+0.7%), while volume is down 1.3% in NIQ-tracked off-premise channels. Declines have accelerated in the L4W (dollar sales -2.3%, volume -4.5%).
White Claw was also a “relative outperformer” during MDW, with 35% of distributors noting positive trends for the hard seltzer brand compared to 2024. Of that 35%, 5% said volumes were “up significantly.” Still, the majority (43%) said volumes were down (30% somewhat, 13% significantly).
White Claw has 70% share of hard seltzer dollar sales and is the 7th largest brand family in Circana-tracked channels. In NIQ-tracked channels, the offerings dollar sales are up 3.5% YTD, while volume is about flat (0.5%).