Beer, Wine, and Liquor Stores NAICS 445320

Nov 8, 2025 - New King of Beers

• Michelob Ultra is now the top-selling beer in the US, overtaking Modelo Especial, CNBC reports. The light lager claimed the title of the best-selling beer in retail channels in the 52 weeks ended Sept. 14, parent company Anheuser-Busch announced citing data from consumer research firm Circana. The beer was also the top seller in bars and restaurants, according to Nielsen IQ data for the 52 weeks ended July 12. Michelob Ultra’s ascent returns an Anheuser-Busch beer to the top spot. In 2023, the company’s Bud Light brand lost the title to Modelo amid a consumer backlash against the brand and growing cultural cachet for Modelo. Previously, Bud Light had held the title as the US’s top-selling beer for more than two decades. Modelo brewer Constellation Brands recently reported weaker demand from Hispanic consumers, a key segment of its customer base, per CNBC.
• US whiskey production has sunk to its lowest level since 2019, according to government data. The US Treasury Department’s 2025 September national statistical report shows that through April 2025, whiskey distillers had produced 78 million proof gallons, a 28% decrease from the same period in 2024. High inventory levels, a slowdown in the US market, and tariff-related issues that are negatively impacting US exports are discouraging producers, explains Hasan Bakir, senior director of economic studies for the Distilled Spirits Council of the US (DISCUS). American whiskey is the fourth biggest-selling spirits category by volume in the US, behind tequila and mezcal, pre-mixed cocktails/RTDs, and #1 vodka, with rum ranking fifth, according to DISCUS data for 2024. Spirits held the biggest market share of alcoholic beverages in the US in 2024 at 42.2%, marginally ahead of beer with 42%.

• According to PwC’s 2025 Holiday Outlook survey, consumers expect their seasonal spending to decline on average by 5% this year compared to 2024, the first notable drop since 2020. More broadly, 84% of consumers expect to cut back over the next six months, citing rising prices, new tariffs, and the high cost of living, according to PwC. That’s unwelcome news for beer, wine and liquor stores, whose sales peak during the winter holidays. While overall average consumer spending is expected to drop 5%, Gen Z respondents (ages 17 to 28) said they plan to cut their holiday budgets by 23%, much more than their elders. Gen Z is also drinking less alcohol than previous generations, a longer-term concern for liquor retailers. However, AlixPartners 2025 US Retail Holiday Outlook forecasts an increase in spending on at-home holiday food and beverage spending, primarily driven by high-income households.
• Producer prices for beer, wine, and liquor retailers, which have been rising steeply since February, jumped 12.1% in August compared to a year ago, after falling 1.2% in the previous August-versus-August annual comparison, according to the latest US Bureau of Labor Statistics data. The retail price of alcoholic beverages for home consumption rose 0.3% year over year in August and increased 0.6% from July, according to the Labor Department's August 2025 Consumer Price Index report. Employment by beer, wine, and liquor stores fell 1.1% YoY in July, while the average industry wage rose 5.9% over the same period to a new high of $19.78 per hour, BLS data show.