Americans may be cutting back their expenses to weather the turbulent economy, but they’re still drinking craft beer.
As sales of many products are tanking, craft beer makers are seeing slow, but still-strong sales increases as they outperform the rest of beer industry. While craft brewers have seen slowdowns in the volume of beer consumed at restaurants and bars, drinking at home is on the rise.
Boston Beer Co., Harpoon Brewery and Cisco Brewers say they're also benefiting from consumers trading down from more expensive wines and liquor. Dan Kenary of Harpoon Brewery says “Beer is a staple. You might not be able to go out and spend $75 on dinner, but you can go out and spend $8 or $9 on a six-pack.”
“I expect the economy will (stink), and people will continue drinking good beer,” said Boston Beer founder and personality Jim Koch, whose company makes Samuel Adams beer. Sammy A actually shipped 8.5 percent more beer last year than in 2007.
Holy crap. I'm returning my empties and buying SAM tomorrow.