Spirits Taking Share from Premium Beer

Dear Client: "It seems like the spirits category has done a better job of keeping its consumers," said Deutsche Bank's Marc Greenberg in a short call with clients this morning. He believes spirits companies such as Brown-Forman are benefitting from declines in premium beer as consumers switch to sub-premiums, crafts and wine and spirits. Why? Partly because spirits are "focused on brand loyalty," while premium beer companies are focused on profits, he said in a research note. He fears that