Consumer
Modelo, Corona Beer Sales Hurt by Strain on Hispanic Consumer
Constellation cited elevated unemployment and more price-conscious spending for muted beer sales.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Modelo Especial and Corona seller Constellation Brands Inc. said concern among Hispanic consumers over inflation, immigration and job security is weighing on demand for beer.
More than half of Modelo drinkers are Hispanic, Chief Executive Officer Bill Newlands said on a call with analysts Thursday, and a recent pullback in social occasions like dining out has impacted the brand’s performance.