Alcohol consumption during coronavirus steady: Anheuser-Busch InBev North America CEO
Consumers are hiking demand for Anheuser-Busch retail while Americans stock up for staying home
Get all the latest news on coronavirus and more delivered daily to your inbox. Sign up here.
Anheuser-Busch InBev North America CEO Michel Doukeris said Monday that alcohol consumption has more or less remained flat during the coronavirus pandemic.
The brewing company has recognized a spike in retail demand since coronavirus reached the U.S. as Americans stocking up for staying home. But demand from shuttered bars and restaurants has plummeted.
"Overall what you see is a very fair amount of people that are buying more alcohol and the same number of people that are buying less," he said. "But you lost all the occasions that are outside of home."
Shoppers leave a store carrying bags and beer March 16, 2020 in New York City. (Photo by Cindy Ord/Getty Images)
The company finds it important to continue doing business so consumers have a "feeling of normalcy" amid coronavirus.
CORONAVIRUS REMOTE WORK LEADS TO DRINKING ON THE JOB: STUDY
"We want to make sure that our consumers ... have this feeling of normalcy when they go shopping in the supermarkets," Doukeris told FOX Business' Maria Bartiromo. "And on top of that, supporting our communities is something that we always do. ... So our business is local, 95 percent local. We are always ... supporting communities in periods of crisis, and this time is not different."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BUD | ANHEUSER-BUSCH INBEV | 54.14 | +0.34 | +0.63% |
Doukeris said consumers, during a time of uncertainty, are choosing brands that they know and trust.
KRAFT HEINZ CEO: CORONAVIRUS CAUSES HIGH DEMAND FOR 'COMFORT' FOOD
"[Established brands] are having, actually, a very good result," he said. "From our side, we kept our rhythm of innovation. Of course, we are not doing much more than was planned before. But everything that was in the pipeline we found the opportunity to launch now because the channels were the right channels."GET FOX BUSINESS ON THE GO BY CLICKING HERE
"Thinking about our people, the safety of our people is very important for us," he said. "We are adopting a number of protocols that allow us to continue to maintain our business -- business continuity."