Beer giant Budweiser (NYSE:BUD) announced that it is investing more in e-commerce as the coronavirus pandemic changes consumer habits and reduces demand from restaurants and bars.
The company, which has a portfolio of more than 50 beer brands including Stella Artois, Corona and Harbin, reported quarterly revenue of $956 million, down from $1.6 billion last year.
The company said it would keep up efforts to market its premium and super-premium beers, such as Budweiser, Corona, Stella Artois and Hoegaarden, demand for which expanded in some key markets such as China during the pandemic
"E-commerce is already growing strong double digits and it’s accelerated," said Jan Craps, Co-Chair of Budweiser, in an interview with Reuters news agency.
In China, which began shutdowns in late January to stop the spread of the coronavirus, volumes fell 46.5% over the period but are expected to post a smaller fall of 17% in April, Budweiser said.
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