Bud Light has started to win over Americans again, according to a Deutsche Bank survey.
The German bank said Wednesday that the beer brand had shown “substantive signs of progress” in August as it tries to regain customers after its collaboration with Dylan Mulvaney sparked a conservative backlash.
“Crucially, the proportion of former Bud Light drinkers who are say they are very unlikely to buy the brand in 3-6 months time has reduced from 18% to just 3%, a significant improvement,” Deutsche Bank said as part of its monthly coverage of the light beer’s parent company Anheuser-Busch InBev.
Just 19% of beer drinkers now say they are no longer willing to buy the brand, down from 21% in July, the analysts added.
Back in April, transgender influencer Mulvaney posted a video promoting Bud Light as part of a partnership with the brand.
That sparked a massive backlash from American conservatives, with figures ranging from country singer Kid Rock to US presidential candidate Ron DeSantis slamming the collaboration.
Bud Light subsequently lost its position as the US’s best-selling beer to Modelo, while Anheuser-Busch said in a quarterly earnings report published earlier this month that its North American revenue had fallen by over 10%, “primarily due to the volume decline of Bud Light.”
Deutsche Bank said Wednesday that it believed improving sentiment on the beer brand was “a trend not simply volatility”, noting that Americans’ stance on the beer had shifted more positive for two months in a row.It reiterated a buy target for Anheuser-Busch stock and said it expects the beer giant to jump 27% from its current level to around 65 euros ($71) a share.
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