The Budweiser maker said volumes declined 1.9% year-on-year over the three-month period, well ahead of the 0.3% dip forecast by analysts on the back of weaker demand for its beer products. Shares had pared down their losses and were last seen down 8.71% at 9:49 a.m. London time (4:49 a.m. ET). The drop was led by China, where volumes were down 7.4% and where the company said it was "underperforming the industry." The weakness was also driven by Brazil, where AB InBev cited high comparisons and adverse weath ...

啤酒行业销量下滑原因分析 核心观点 - 啤酒行业连续多年销量下滑，主要受价格、口味、消费人群变化及替代品竞争等因素影响 [1] 价格因素 - 工业啤酒价格持续上涨，从过去2元/瓶涨至5元/瓶以上，与工资增长不成正比，导致消费者放弃购买 [3] 产品质量与口味 - 啤酒发酵时间缩短，添加剂使用增加，导致口味变淡如"白开水"，失去忠实消费者 [5] - 精酿与原浆啤酒因口感醇厚、香味浓郁，分流部分工业啤酒市场 [7] 消费人群变化 - 主力消费群体（20-50岁）规模因老龄化加速而缩减 [5] - 健康意识提升，中老年消费者减少工业啤酒摄入 [5] 替代品竞争 - 年轻人认为工业啤酒"低端"，转向精酿、果酒、米酒、葡萄酒等多样化选择 [7] - 低度风味酒类（如果酒、葡萄酒）抢占市场份额 [7]