Dry January Turns into Tariff February

Dear Client: It's been 20 years since Ad Age declared "The Death of Beer", and WaPo said that "beer is losing its fizz."  And if you look at shipments, they weren't exactly wrong. Worse, the declines have accelerated since the plague years. But with premiumization (mix shift to import/rtd/craft) and pricing (well above CPI, thank-you-very-much), beer revenues and margins have grown, for the most part. The volume losses have largely been masked by revenue growth. Recent scans show that there