Modelo seller Constellation Brands lowers sales forecast as US consumers buy 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 among Hispanic customers in particular.

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.

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.

So far this year, Modelo Especial is the top-selling beer brand by dollar sales at U.S. retail stores, according to NIQ data compiled by Bump Williams Consulting. Modelo overtook Bud Lig