Budweiser Glams Up for China
They're hoping to capture a younger crowd with higher incomes
A $5 beer might be the norm in the U.S., but in China, Bloomberg reports that beer typically goes for one-third of that price.
Of course, that may all change now that foreign brewers are wooing the consumer market abroad. Budweiser shares in China rose 0.2 percent from 2008 to 2011, while a local brand InBev fell 0.3 percent during the same time.
Bloomberg reports that brands are getting customers to pay higher prices by marketing themselves as "luxury" beer, which means gold-colored aluminum foil lids on Budweiser cans, we guess. They're also hawking their logos around restaurants and bars, where consumers are more likely to spend money.
Still, Budweiser has to compete with European breweries, and even people used to cheap beer know the difference. "I like the heavy taste of imported beer, especially the European ones,” one customer told Bloomberg. Not sure if fancy gold cans can fix that.