Pete Coors, great-grandson of Coors founder Adolph Coors and chair of the Molson Coors Brewing Company and Chairman of MillerCoors, recently talked with the Denver Post about the expansion of craft beer, saying he has trouble understanding the growth of craft beer during such hard economic times. According to thearticle, MillerCoors showed a 2% decline in domestic sales last month, which is indicative of beer sale trends in recent years as craft beer gains more market share.
“We have a lot of bar owners who are enamored with craft beers,” Coors told the Post. “They are beginning to take off premium light handles and putting bottles behind the bar instead and replacing the handles with craft beer handles. We lose 50% of our volume when that happens.”
While domestic light beer sales continue to drop, the more expensive craft beer market continues to grow at 7%, which baffles Coors.
“In this economy, that is difficult to understand. But people are staying home now, not buying cars or houses. They have money to spend. They want to spend it on something that they think has more value…you talk about millennials. The world is very different.”
Coors says his company is looking into brewing more “crafty” labels, but remains a Banquet Beer drinker himself.