Bud Light

Bud Light’s 2023 campaign featuring transgender influencer Dylan Mulvaney triggered a widespread boycott, resulting in a significant sales decline of 11-26% across various reports. The campaign aimed to attract a younger, diverse audience but alienated a portion of its customer base, leading to a $5 billion drop in market value. Anheuser-Busch InBev reported a 5.1% U.S. revenue decrease in Q1 2025, with Bud Light slipping to third place behind Modelo Especial and Michelob Ultra. The backlash highlighted challenges in aligning inclusive marketing with brand identity, prompting a shift toward neutral, sports-focused campaigns to rebuild trust and stabilize market share.