Coors Banquet spent 2023 celebrating the brewery’s 150th year, becoming a top volume gainer in all of beer over the past six months along the way.
“It was an unforgettable year for Coors Banquet, and not just because it was our 150th anniversary,” says Stephanie Clanfield, marketing manager. “This isn’t something that was an overnight success. The brand has been growing for a few years now and shows no signs of slowing down”
- Banquet grew volume sales 28% versus last year for the 26 weeks that ended Nov. 26, according to Circana multi-outlet and convenience store data. Year to date, it’s up more than 20% in volume sales.
- In terms of volume, it’s the fastest-growing beer brand among the top-20 highest-grossing brands, Circana data show.
THE BIG PICTURE
“We are growing everywhere. Every region, every state, in the on-premise and the off-premise,” Clanfield says.
ZOOM IN
The on-premise has been fertile ground for Banquet, which is up more than 20% in volume for the year versus 2022, according to Nielsen CGA data for the week ending Oct. 7.
That’s far outpacing the domestic premium segment, which is basically flat in dollar sales and down more than 5% in volume.
- Banquet’s also racked up new on-premise placements, gaining nearly 3,000 new accounts across the U.S. this year, per Nielsen.
Surprisingly, it saw major on-premise gains not in its traditional target regions of the Central and Pacific, but in the Northeast and Southeast regions, where it’s been a hit in New England and Florida, in particular.
- Volume sales are up more than 51% in the Southeast and 29% in the Northeast region in the 26-week period that ended Nov. 19.
Convenience is becoming an important channel for Banquet
The brand’s volume is up 36% in convenience for the last 26 weeks, according to Circana. That’s a big change from 2022, when Banquet’s volume sales in convenience were in the red.
Positive distribution trends
The Northeast and Southeast have stuck out for the momentum Banquet’s seen in those regions, where in the off-premise both distribution and velocity have increased. Apparently, consumers can’t get enough of Banquet.
“It starts with distribution and our velocity is growing right there with it,” Clanfield says. “We’re not seeing that standard inverted trend that you see when distribution goes up so rapidly and velocity goes down.”
Overall, it’s growing across regions, with the Great Lakes seeing a more than 55% boost in volume, while the West, where Banquet’s long had a stronghold, saw a 17% increase.
Banquet and the rise of ‘cowboy cool’
What’s behind Banquet’s success? One answer lives at the intersection of smart brand-building and consumer trends.”
Cowboy culture officially became cool again in 2023, with top fashion designers unveiling lines inspired by the Old West and one of the year’s top movies featuring a bubble-gum pink cowboy hat. Oh, and “Yellowstone” continued to be one of the most popular TV shows around, with tens of millions tuning into reruns on network television.
Banquet figures prominently in the acclaimed show, which is set to return next fall and still holds a ton of cultural cache among younger legal-age drinkers and Coors Banquet loyalists alike. And it’s set to reprise its role as the show’s official beer when new episodes air in 2024.
- Even though “Yellowstone” didn’t show new episodes in 2023, Banquet was able to play off its popularity and stay top of mind with consumers. “It was natural to take it from the screen to the fans of the show and give them something to be even more excited about,” says Clanfield.
The brand’s successful “Start Your Legacy” promotion rewarded small business owners and was a global campaign with elements running in Canada and Latin American markets, with another iteration planned for 2024. And it connected with concerned consumers with its longstanding Protect Our Protectors campaign, highlighting the bravery of wildland firefighters and holding local fundraising efforts for firefighters across the country.
Banquet is part of cowboy culture
All of this has made it easy for Banquet to become a bigger part of the modern cultural zeitgeist, Clanfield says.
Its merch line with western wear apparel brand Seager netted authentic cowboy hats, belt buckles and even a branded tent for long nights on the prairie – or wherever one may need a puptent. At Coors Banquet’s 150th anniversary celebration in Golden, Colo., the line for Seager merch stretched around the block, Clanfield says.
- “What’s helped us maintain our relevance in pop culture today is embracing that part of Banquet’s personality,” she says.
Partnership with country star Chase Rice continues
Rice is a bona fide Banquet fan, who featured an old photo of his dad holding the beer on his first album cover. The singer and brand have come together over the last few years, including releasing a co-branded merch line this year.
- Banquet will be a sponsor of Rice’s 2024 tour, and is developing display tools for local retailers to incentivize fans when Rice comes to town.
BOTTOM LINE
Banquet’s looking to keep up the momentum next year. Expect to see its cowboy cred on display with “Yellowstone” and other buzzworthy partnerships. It’ll continue to push in the on-premise and grow its presence in convenience. And it’ll continue to connect with consumers with its “Start Your Legacy” program and other marketing campaigns.
“This was a big year for Banquet, and we’re looking to keep up the momentum in 2024,” Clanfield says. “Banquet’s earned its success and we’re blazing a trail for the next 150 years.”