Hard Times? Have a Beer
So it has it always been: when the economy goes south, people buy beer:
More than 16 million barrels of domestic beer were sold in the United States in July, and annual sales through that month are up 1.4 percent, the largest increase since 1990, when the economy was headed toward a recession, according to the Beer Institute....Of course, I don't care if Belgium's Budweiser (snort) sells well--but the news for expensive craft beer remains good:
Economists David Blake and Angelika Nied found in 1997 that beer consumption, unlike other categories of alcoholic beverages, increases with unemployment in the United Kingdom. The study also showed that beer is "income inelastic" -- that is, less income does not translate into spending less on beer.
At supermarkets and convenience stores, Nielsen research shows, sales of craft and "superpremium" beers such as Michelob and Rolling Rock have jumped by double digits this year.Hat tip to Maureen Ogle, who was quoted in the article.