Major Themes

• Elevated inventories (inventory/sales ratio 1.67) continue to pressure pricing, innovation, and depletions.
• Consumer caution deepens: weaker sentiment, reduced alcohol participation, rising non-alcoholic preferences.
• Category divergence persists—RTDs and premium agave outperform; wine and beer face continued softness.

Key Stories

• RTDs +3.7% weekly dollars; strong growth in wine-based seltzers and single-serve cocktails.
• Beer weakness continues off-premise; on-premise shows better seasonal momentum and trial-driven opportunities.
• Wine softness intensifies—shrinking consumer base, Napa acreage abandonment, and slower depletions.
• Walmart, Kroger, and private label trends reshape retail economics and pack/price strategy.
• Regulatory tension: TTB backlog, Colorado grocery wine fallout, THC beverage distribution debates.
• Corporate moves: Diageo CEO transition with renewed focus on value tiers; Simi acquired by WarRoom Cellars.
• Compliance & digital risk: NY underage enforcement and DoorDash data incident impact holiday-season risk management.

Takeaways for Operators & Suppliers

• Lean into RTDs, NA offerings, and seasonal on-premise programs.
• Protect velocity with pack/price architecture; plan for retail trade-down.
• Prepare for innovation delays due to TTB backlog.
• Monitor THC beverage policy shifts and data-privacy requirements for delivery partners.