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TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why alcohol producers are feeling the inflation pinch.

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Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:03Here's what we're watching on the street today.
00:05Inflation is finally taking its toll on a part of the economy that's normally inflation-proof.
00:11The alcoholic beverage industry is headed for a down year in 2024.
00:16Sales volumes dropped 3 percent in the first seven months of the year,
00:20according to analysis by IWSR, and the numbers are not expected to get better.
00:26One reason? Pricing.
00:28Some of the biggest players in the game, Johnny Walker owner Diageo,
00:32absolute vodka company Pernod Ricard, Proximo Spirits,
00:36which is behind the Jose Cuevo tequila brand,
00:39Brown Forman, maker of iconic Jack Daniels whiskey,
00:42and the giant of them all, Anheuser-Busch Imbev,
00:45have each indicated consumers are trading down to cheaper bottles.
00:50Private labels have sensed an opening.
00:52Discount supermarket chain Aldi, for example,
00:55is capitalizing with lower-priced malt-based cocktails, wine, and beer.
01:00Meanwhile, Costco's Kirkland Signature label has a wide array of alcohol on offer at a discount price.
01:07But that's not the only thing hurting the drinks business.
01:10Industry sales are coming off an extraordinary boost provided by the COVID years
01:15when consumers went on a drinking binge.
01:18Now that sales are normalizing, a lot more bottles are being left on shelves,
01:22further pressuring sales volumes.
01:24There is one category, however, that's being left out of the slump.
01:29Ready-to-drink mixes in the can, or RTDs.
01:32This segment of the hard drinks business is up 2% through the first half of the year.
01:37And that'll do it for your daily briefing from the New York Stock Exchange.
01:40I'm Conway Gittins with The Street.

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