The once‑top US beer Bud Light has slipped from the spotlight, a fall that began after the brand’s 2023 partnership with transgender influencer Dylan Mulvaney. The backlash pushed the company toward political‑aligned marketing, including a White House UFC sponsorship that drew Donald Trump’s criticism and a claim that the stunt cost the brand $35bn in market cap. Media spend on Bud Light doubled to $125.2mn in 2023 but has fallen 14% this year to about $44mn. In contrast, Michelob Ultra—the firm’s “active lifestyle” beer—sharply increased spending, rising 38% to $114mn, and has overtaken Bud Light as America’s favourite. Sales volumes have dropped from 15.8mn barrels in 2024 to an estimated 12.7mn this year, with the US beer market shrinking overall. The brand now appears only in a list of the world’s most valuable beers and in sponsorship references, missing from the company’s investor presentation.

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The decline reflects broader trends: consumers cut back on lagers for health reasons, seek low‑calorie and gluten‑free options, and shift to ready‑to‑drink cocktails like Cutwater. Bud Light’s inability to differentiate in a low‑switching‑cost category has left it vulnerable to cultural and market forces.