Modelo and Corona seller Constellation Brands says Hispanic consumers in the US are buying less beer

Constellation Brands, which owns the Modelo and Corona beers in the U.S., lowered its full-year sales and profit outlook Tuesday, citing falling demand from Hispanic consumers.

Constellation President and CEO Bill Newlands said U.S. purchases of high-end beers have declined over the past few months. Consumers are making fewer trips to buy beer and are spending less per trip, Newlands said.

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The trend is most pronounced among Hispanic consumers, Newlands said. The company said in a recent conference call with investors that Hispanic buyers account for about half of Constellation’s business.

Constellation has been licensed to sell Modelo and Corona in the U.S. since 2013 as part of an agreement with antitrust regulators after AB InBev bought Mexico’s Grupo Model