appConfigEntityId

bodyType

customContents

entityId

entityUuid

isVideo

articlePageQuery

article

articleSchemaContent

content

hooksArticlePageAdvertisementConfigArticle

hooksArticlePageTypeformConfigArticle

appConfig

filter

json

liveArticle

Zhu Wenqian

Subdued demand in China is likely to have weighed on Budweiser Brewing APAC’s second-quarter sales, according to analysts, but the ongoing Fifa World Cup might provide a brighter start to the third quarter.
Citing information from investor relations personnel at Belgian beer giant Anheuser-Busch InBev’s Asian subsidiary, Goldman Sachs analysts said in a report issued on Monday that Budweiser Brewing believed weak catering traffic remained the biggest headwind in China, with nightlife sales having remained relatively stable.
Budweiser is expected to report its second-quarter results on July 30.
Another Goldman Sachs report, released on Tuesday, forecast a 2.4 per cent organic volume decline for AB InBev in the Asia-Pacific region.
Jacky Tsang, an equity analyst at Morningstar, said: “Demand in on-trade channels has been soft and remained the case in the second quarter, due to sluggish consumer sentiment.”
The World Cup, running from June 11 to July 19, coincides with the summer beer consumption peak in the world’s second-largest consumer goods market.
Tsang said Budweiser Brewing had ramped up World Cup-related marketing activities in China – with AB InBev serving as the event’s official beer sponsor – and that should result in “positive sales momentum” this month.
A day before the World Cup kicked off, Fifa and AB InBev announced an extension of their global partnership agreement, which will now run through to 2030.
In Monday’s report, Goldman Sachs analysts led by Leaf Liu said: “The company will maintain the investment on in-home occasions, where super premium products outperformed the overall volume, and wait for a clear recovery signal for more promotion efforts for on-premise, especially Chinese restaurant, channels.”
The brewer had continued to launch more core and premium products including Harbin 1900, Bud Magnum and Corona, especially in in-home and online-to-offline channels, to improve its product mix, they said, adding that it viewed online-to-offline as one of its fastest-growing channels.
Budweiser Brewing fell 4.24 per cent to HK$6.10 per share in Hong Kong on Tuesday, hovering near the lowest level since its 2019 listing.
China’s catering revenue reached 460.6 billion yuan (US$67.8 billion) in May, edging up 0.6 per cent year on year, a slowdown from the 3.1 per cent growth seen in the first five months of the year, according to the National Bureau of Statistics.


Will Budweiser Brewing’s China sales improve on back of AB InBev’s World Cup sponsorship?

Visa-free ‘dividends’: China drawing a boom in foreign visitors this summer

China faces economic balancing act: AI and exports boom while consumers stay home

The luxury market is poised for a comeback by 2030 – here’s what US and China clients want

China consumption

A cyclist rides past an advertisement for Budweiser beer in Beijing. Photo: AP

Asia’s Gen Z go sober as alcohol producers and bars revamp business model

Funkytown, a cocktail bar in Bangkok, offers non-alcoholic versions of its signature cocktails, including Green Curry. Photo: Funkytown

Patrons enjoy their drinks at bars along Boat Quay in Singapore. Photo: AFP

Many young consumers in Asia prefer non-alcoholic options in bars due to their fitness and active lifestyles, says Pae Ketumarn, group beverage manager of Funkytown. Photo: Funkytown

Four nonalcoholic beers available for sale in Hong Kong shops, including Carlsberg 0.0, Peroni 0.0, Budweiser 0.0 and Kirin’s Perfect Free. Photo: Cathy Hilborn Feng

Budweiser and Heineken face polar opposite fates in China as punters favour home comforts

Heineken beers are becoming a popular choice for stay-at-home drinkers in China, according to the end of year sales results. China was one of the top three contributors to Heineken’s net profit in 2025. Photo: Reuters 

Time called on happy hour as French wine and spirit sales sour in mainland China, US

US tariffs hit French wine and spirits shipments hard last year, playing a major role in the overall drop of 8 per cent in value of one of France’s top exports, according to a trade body. Meanwhile, exports to the US slumped by 21 percent. Photo: AFP

Pursuit of hoppiness: why China’s cash-conscious drinkers have embraced craft beers

Illustration: Henry Wong

A row of taps in a new Beijing outpost of craft beer pub Urbrew. Photo: Xinyi Wu

Customers drink beer at a night market in Qingdao, east China’s Shandong Province. Photo: Xinhua

Distilling China’s alcohol economy

Illustration: Brian Wang


The storage room at the Qiantai Distillery in Maotai town, Guizhou province, with rows of containers of baijiu. Photo: Ji Siqi

Business

Goldman Sachs analysts say weak catering traffic is brewer’s biggest headwind, while “super premium” products are outperforming


Goldman Sachs analysts say weak catering traffic is brewer’s biggest headwind, while “super premium” products are outperforming.


China

Budweiser Brewing APAC

Will Budweiser Brewing’s China sales improve on back of AB InBev’s World Cup sponsorship?

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Goldman Sachs analysts say weak catering traffic is brewer’s biggest headwind, while “super premium” products are outperforming

Goldman Sachs analysts say weak catering traffic is brewer’s biggest headwind, while “super premium” products are outperforming