Initially, there were indications of a double-digit percentage decrease in sales in the months after Mulvaney’s post. However, this is the first time an actual figure has been attached to the public relations disaster. Mulvaney’s post, where she appeared dressed as the character Holly Golightly from the film “Breakfast at Tiffany’s,” celebrating her “day 365 of womanhood” after transitioning, triggered a substantial backlash. Americans boycotted Bud Light, which was once a top-selling lager in the US. In response, the company launched a new ad campaign featuring NFL legends Peyton Manning and Emmitt Smith, as well as rapper Post Malone, in recent months.

Despite these efforts, Bud Light’s sales continued to plummet. Belgian-based parent company AB InBev, which also owns brands like Stella Artois and Corona, reported a tough year in 2023, with organic revenue in North America dropping by $1.4 billion. CEO Michel Doukeris acknowledged that while Bud Light has been gradually regaining its market share since May, the progress has been slower than anticipated. The company has shifted its advertising focus to sporting events and concerts in an attempt to lure back customers.

From May through February, Bud Light managed to recover onIy 1.2 percentage points of lost market share. Doukeris expressed optimism about the progress but acknowledged that it was not as rapid as they had hoped for. AB InBev’s shares have also seen a decline of around four percent since the earnings announcement. Analysts have described the company’s performance in the US as underwhelming, with revenue experiencing double-digit declines and a loss of market share.