Weak consumer sentiment in China is weighing on big brewers’ beer sales, with both AB InBev and Carlsberg reporting bigger than expected volume losses in their latest earnings on Thursday.
Consumer confidence in the country has cratered as a result of a three-year housing slump, hitting the sales of global consumer goods and luxury groups in recent weeks. The Chinese government launched a major stimulus package last month in an effort to reignite confidence.
Carlsberg chief executive Jacob Aarup-Andersen told the Financial Times that the “jury is out around China” next year. He said the stimulus had not moved “the needle” and had yet to dispel a “significant deterioration” in consumer sentiment.
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