Better load up on the Pabst Blue Ribbon, Keystone Light and other budget brews that help this Great Recession go down a bit smoother: The nation's beer cartel is openly raising the prices of such beers in a blatant effort to squeeze consumers into buying their more expensive brands. So much for looking out for the working class, guys!
AdAge focuses most of its story on the subject of Keystone Light, a beer I never think of and have never tried. It's owned by MillerCoors, which is seeing their marquee brands lose sales, while Keystone has gained during the past two years. But since Keystone is cheaper than, say, Coors, the profit isn't as high.
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Hence, the artificial inflation of the cheaper booze to force consumers to spend just a bit more to reach the next level.
The strategy has already paid off for Anheuser Busch, with CEO Carlos Brito telling AdAge that cannibalizing your own company is "the pain you suffer in the short-term when you're trying to do something that's great for the company."
Yeah, who cares about the consumer? More of a reason, folks, to go the craft beer route.