All-Group Session with the NBWA

The U.S. Beer Market: Past, Present and Future: The beer industry has changed dramatically. Brewers, distributors and retailers continue to react to consumers’ demand for innovation in beer while looking quality and affordability. Existing breweries are merging, setting up taprooms and, in some cases, selling to larger players. Distributors are diversifying ways to get beer to a rapidly changing retail market. National Beer Wholesalers Association Chief Economist Lester Jones will examine where the industry has been and where it is headed. He will also help attendees understand the data that shape stories on the growing alcohol beverage marketplace. He will present compelling data and insights to help beer writers better understand the policy, economic and demographic factors shaping the industry in 2019 and beyond.

Transcript

1. The Economics and Demographics That Drive the US Beer Industry Lester Jones, Chief Economist National Beer Wholesalers Association ljones@nbwa.org Twitter @joneslester
3. State Legislative Activity in Alcohol Beverages • Since 2012 – 1,830 pieces of alcohol-related state legislation have been signed into law across the country • This is not an archaic system • Laws change every year to help the industry grow and to accommodate new technologies and new business models • However, maintaining the overall industry structure that has worked so well is what has allowed the success we’ve seen across the country
4. The First Beer Lobbyist Lobbying Against Taxes Despite a Civil War • Formation of Brewers Association in 1862 and Frederick Lauer of PA became the first president. Also one of the first U.S. trade associations. • Lobbied to lower tax to 60 cents per barrel in 1863 following rising grain and hops during war. • In 1864 the tax was raised back to $1.00 (wars are expensive)… • in 2017 the CBMTRA reduced taxes from $7.00 to $3.50 for small brewers (60,000 barrels) and $18 to 16 on first 6 million barrels for larger brewers. Frederick Lauer Statue, Reading PA
5. Top Five Suppliers vs. All Others Market Shares in U.S. Brewer 1977 Share Brewer\Importer 2018 Share AB (1852) 23% ABInbev (1366/1852/1888/2008) 40.8% Miller (1855) 15% Miller-Coors (1855/1873/2007) 23.5% Schlitz (1849) 14% Constellation (1940) 9.9% Pabst (1844) 10% HUSA (1864) 3.5% Coors (1873) 8% Pabst (1844/2014) 2.1% Top 5 in 1977 70% Top 5 in 2018 80% All Others = 44 30% All Others = 7,000+ 20% Total 100% Total 100% Domestic Brewer Counts* 49 Domestic Brewer Counts* 7,000+ Source: Beer Marketer's Insights, 2019. *Brewer counts do not include importers. In 2018, more than 50% of “Others” from past 5 years!
6. Billy Beer -- 1977 An Unsung Hero for our Industry! He gave awards and considered himself a Cicerone way before anyone else! “Paintings are like a beer, only beer tastes good and it's hard to stop drinking beer.” Billy Carter
7. More Brewers, More Places, More SKUs 2010 vs Current 10,629 0 2,000 4,000 6,000 8,000 10,000 12,000 Permitted Breweries 2010 2019 Q1 1,000 0 200 400 600 800 1,000 1,200 Average SKUs 2010 2017 645 400 450 500 550 600 650 700 Thousands More Retailers 2010 2018 Source: U.S. TTB Source: NBWA- DPR Source: TDLinks™
8. Source: NBWA and TTB, June 2019. TTB Permitted Brewery Count 10,629 Total Permits March 2019 State Count State Count State Count Alabama 59 Kentucky 92 North Dakota 28 Alaska 55 Louisiana 53 Ohio 390 Arizona 146 Maine 169 Oklahoma 60 Arkansas 54 Maryland 146 Oregon 394 California 1,272 Massachusetts 239 Pennsylvania 510 Colorado 520 Michigan 534 Rhode Island 39 Connecticut 130 Minnesota 252 South Carolina 101 Delaware 40 Mississippi 20 South Dakota 38 DC 13 Missouri 180 Tennessee 153 Florida 414 Montana 110 Texas 412 Georgia 133 Nebraska 63 Utah 48 Hawaii 39 Nevada 55 Vermont 92 Idaho 93 New Hampshire 111 Virginia 347 Illinois 347 New Jersey 154 Washington 569 Indiana 245 New Mexico 135 West Virginia 34 Iowa 129 New York 563 Wisconsin 326 Kansas 70 North Carolina 407 Wyoming 46
9. Source: NBWA and TTB, June 2019. TTB Permitted Brewery Count 514 New Permits In Q1 2019 State Count State Count State Count Alabama 4 Kentucky 6 North Dakota 2 Alaska 4 Louisiana 6 Ohio 13 Arizona 0 Maine 4 Oklahoma 5 Arkansas 1 Maryland 5 Oregon 8 California 36 Massachusetts 9 Pennsylvania 38 Colorado 20 Michigan 24 Rhode Island 6 Connecticut 6 Minnesota 13 South Carolina 7 Delaware 2 Mississippi 1 South Dakota 3 DC 0 Missouri 12 Tennessee 13 Florida 28 Montana 2 Texas 25 Georgia 12 Nebraska 3 Utah 2 Hawaii 1 Nevada 5 Vermont 2 Idaho 6 New Hampshire 5 Virginia 19 Illinois 9 New Jersey 8 Washington 29 Indiana 11 New Mexico 11 West Virginia 2 Iowa 4 New York 31 Wisconsin 23 Kansas 6 North Carolina 20 Wyoming 2
10. US Average = 4.2 Source: NBWA and TTB, JUne 2019 Per Capita Permits (100,000 residents) Through March 2019 (2018 Pops) State Count State Count State Count Alabama 1.5 Kentucky 2.6 North Dakota 4.8 Alaska 9.6 Louisiana 1.4 Ohio 4.4 Arizona 2.8 Maine 15.9 Oklahoma 2.0 Arkansas 2.4 Maryland 3.1 Oregon 12.3 California 4.2 Massachusetts 4.4 Pennsylvania 4.9 Colorado 11.9 Michigan 6.9 Rhode Island 4.1 Connecticut 4.6 Minnesota 5.8 South Carolina 2.5 Delaware 5.2 Mississippi 0.9 South Dakota 5.7 DC 2.3 Missouri 3.7 Tennessee 2.8 Florida 2.3 Montana 13.8 Texas 1.9 Georgia 1.6 Nebraska 4.4 Utah 2.2 Hawaii 3.5 Nevada 2.2 Vermont 18.9 Idaho 7.1 New Hampshire 10.2 Virginia 5.2 Illinois 3.6 New Jersey 2.2 Washington 9.7 Indiana 4.8 New Mexico 8.1 West Virginia 2.3 Iowa 5.5 New York 3.6 Wisconsin 7.1 Kansas 3.1 North Carolina 5.0 Wyoming 10.5
11. TTB Brewery Permits Issued Per Day 2010 to 2019 Q1 0.6 1.0 1.6 1.7 2.8 3.1 3.0 4.6 3.4 5.2 0.0 1.0 2.0 3.0 4.0 5.0 6.0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Permits Issued Per Day Source: www.ttb.gov/beer/beer-stats.shtm and NBWA Industry Affairs, 2019 Holy Cow Batman! Remember brewery permits are FREE. No more bond requirements, lower FET, and annual tax filings.
12. How Many Breweries are There Really? 0 2,000 4,000 6,000 8,000 10,000 2008 2018 Brewery Counts TTB Permits TTB Tax Reports Brewers Association Reported The sheer number of new breweries has overwhelmed accurate reporting and tracking of the industry at the federal and state and local level. Source: ttb.gov/beer/beer-stats.shtm and New Brewer Magazine.
13. Total U.S. Retail Establishments Selling Alcohol 2008 to 2018 531,705 536,807 553,458 571,290 585,690 602,757 610,299 625,276 631,699 644,647 644,939 400,000 450,000 500,000 550,000 600,000 650,000 700,000 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: TDLinx Account Tracker Report: Beer, Wine or Spirit Selling Accounts, 2018.
14. Even as Retail Expands in Virtual Space… The Evolution of the Retail • Amazon • Drizly • Minibar • Klink • Saucey • Hopsy • Total Wine • Bumble • Brick and mortar…
15. As New Retail and E-Commerce Expands… Traditional Bars and Taverns Close? U.S. BLS: Establishment Counts 40,000 41,000 42,000 43,000 44,000 45,000 46,000 47,000 2010 2011 2012 2013 2014 2015 2016 2017 2018 Count of Establishments Number of Establishments in Private NAICS 722410 Drinking places, alcoholic beverages for All establishment sizes in U.S. TOTAL
16. Shifting Consumer Demand Who, Where and What People Drink Over 1,800 state alcohol laws have changed since 2012. More states have passed Sunday sales legislation and Sunday sales ban repeal efforts continue in 2019. Increased access for liquor across grocery and convenience channels. Cultural acceptance of alcohol sales spreading into barbershops, beauty salons, laundromats, libraries, zoos, theme parks, retirement homes, and many other non traditional drinking places. Beer is not enough? Taprooms expanding the craft beer experience with yoga, art lessons, and other experiential side shows – alpaca sheering and sweater knitting.
17. And, There is More Drinking.. at the Library… ?
18. Premiumization of the Beer Industry Price Segment Share, 2010 vs 2018 26% 48% 25% 43% 36% 21% 0% 10% 20% 30% 40% 50% 60% High End Premium Below Premium 2010 2018
19. Segment Shares in Beer Industry Imports and Craft 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 Imports Share of Total Industry (17.7% of Total Industry 2018) 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 Craft Share of Total Industry (13% of Total Industry 2018)
20. 100.0 105.0 110.0 115.0 120.0 125.0 1/1/2008 4/1/2008 7/1/2008 10/1/2008 1/1/2009 4/1/2009 7/1/2009 10/1/2009 1/1/2010 4/1/2010 7/1/2010 10/1/2010 1/1/2011 4/1/2011 7/1/2011 10/1/2011 1/1/2012 4/1/2012 7/1/2012 10/1/2012 1/1/2013 4/1/2013 7/1/2013 10/1/2013 1/1/2014 4/1/2014 7/1/2014 10/1/2014 1/1/2015 4/1/2015 7/1/2015 10/1/2015 1/1/2016 4/1/2016 7/1/2016 10/1/2016 1/1/2017 4/1/2017 7/1/2017 10/1/2017 1/1/2018 4/1/2018 7/1/2018 10/1/2018 1/1/2019 Index Base 100 at 2008 Alcohol Beverage Inflation BLS at Home (Off Premise) Consumer Price Index Jan 2008 to April 2019 Beer CPI Source: U.S BLS and NBWA, Industry Affairs - June 2019
21. 100.0 105.0 110.0 115.0 120.0 125.0 1/1/2008 5/1/2008 9/1/2008 1/1/2009 5/1/2009 9/1/2009 1/1/2010 5/1/2010 9/1/2010 1/1/2011 5/1/2011 9/1/2011 1/1/2012 5/1/2012 9/1/2012 1/1/2013 5/1/2013 9/1/2013 1/1/2014 5/1/2014 9/1/2014 1/1/2015 5/1/2015 9/1/2015 1/1/2016 5/1/2016 9/1/2016 1/1/2017 5/1/2017 9/1/2017 1/1/2018 5/1/2018 9/1/2018 1/1/2019 Index Base 100 at 2008 Alcohol Beverage Inflation BLS at Home (Off Premise) Consumer Price Index Jan 2008 to April 2019 Beer Liquor Wine Source: U.S BLS and NBWA, Industry Affairs - June 2019
22. -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% All CPI Beer Home SA Liquor Home SA Wine Home SA Consumer Prices Alcohol Beverage April 2019 (Current Month, Prior Month, 12 Month) Curent Month SA Prior Month SA 12 Month Change Source: U.S BLS and NBWA, Industry Affairs - June 2019
23. 4.54 4.56 4.58 4.60 4.62 4.64 4.66 4.68 4.70 4.72 2010 2017/18 Average Weighted ABV Beer Growth in ABV for Beer and Liquor 2010 vs 2017 37.4 37.6 37.8 38.0 38.2 38.4 38.6 2010 2017 Average Weighted ABV Liquor Source: NBWA, Industry Affairs – Calculated on average weighted ABV across top 100/150 brands
24. U.S. Per Capita Beer Consumption 2010 to 2018 20 21 22 23 24 25 26 27 28 29 30 2010 2011 2012 2013 2014 2015 2016 2017 2018 Gallons Per Person 21+ Source: U.S. TTB, U.S. Commerce and NBWA Industry Affairs
25. Total U.S. Ethanol Per Capita 2010 to 2018 1.34 1.31 1.31 1.30 1.30 1.30 1.29 1.26 1.25 0.37 0.38 0.38 0.38 0.38 0.38 0.39 0.39 0.39 0.79 0.81 0.83 0.84 0.84 0.86 0.87 0.90 0.90 0.0 0.5 1.0 1.5 2.0 2.5 2010 2011 2012 2013 2014 2015 2016 2017 2018 Gallons Per LDA Beer Wine Source: Compiled by NBWA from TTB, Discus and BIG, 2019 (2018 wine volumes estimated by NBWA)
26. Texas vs Colorado Total Per Capita Ethanol Consumption Texas (TABC) 0.0 0.5 1.0 1.5 2.0 2.5 3.0 2012 2013 2014 2015 2016 2017 2018 Beer Ale Liquor Wine Colorado (Dept of Revenue) 0.0 0.5 1.0 1.5 2.0 2.5 3.0 2012 2013 2014 2015 2016 2017 2018 3.2 Beer Repeal Beer Cider Liquor Wine
27. 0.00 0.50 1.00 1.50 2.00 2.50 3.00 2010 2011 2012 2013 2014 2015 2016 2017 United Kingdom Per Capita Consumption of Total Alcohol (15+) Sources: HMRC, National Statistics, BBPA, 2018
28. 0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000 3,500,000 4,000,000 4,500,000 5,000,000 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 52 54 56 58 60 62 64 66 68 70 72 74 76 78 80 82 84 AGE Fewer new drinkers each year Source: U.S. Census and NBWA 2017. U.S. Population by Age 2017 3 out of 4 people are 21+ Two generations at formidable transition points in their lives 40 is the most irrelevant age?
29. Demographics Are Destiny Demographics (1,000s) 2010 2017 Change 7 CAGR Share 2017 Less Than 25 104,906 104,272 -634 -0.1% 32.0% Age 25-34 41,247 45,343 4,096 1.4% 13.9% Age 35-44 40,981 40,875 -106 0.0% 12.5% Age 45-54 45,013 42,375 -2,638 -0.9% 13.0% Age 55-64 36,766 41,996 5,230 1.9% 12.9% Age 65-74 21,841 29,683 7,842 4.5% 9.1% Age 75+ 18,596 21,175 2,579 1.9% 6.5% Total 309,350 325,719 16,369 0.7% 100.0% https://www.nbwa.org/resources/consumer-expenditures-and-alcohol-2010-2017
30. 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 1.2% 1.4% 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Alcohol Spend Share of Total Consumer Expenditures 1990 to 2017 Source: Bureau of Labor Statistics-Consumer Expenditure Survey, 2019
31. 0.0 50.0 100.0 150.0 200.0 250.0 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Index to 100 (average spend across all ages) Alcohol Spend Share of Total Consumer Expenditures By Age Group 1990 to 2017 Alcohol LT 25 Alcohol 25-34 Alcohol 35-44 Alcohol 45-54 Alcohol 55-64 Alcohol 65-74 Alcohol 75+ Source: Bureau of Labor Statistics-Consumer Expenditure Survey, 2019
32. Total Spending (BLS-CES) 2010 2017 Change 7 CAGR 2017 Index Less Than 25 $27,483 $29,912 $2,429 1.2% 50 Age 25-34 $46,617 $55,325 $8,708 2.5% 92 Age 35-44 $55,946 $69,034 $13,088 3.0% 115 Age 45-54 $57,788 $73,905 $16,117 3.6% 123 Age 55-64 $50,900 $64,972 $14,072 3.5% 108 Age 65-74 $41,434 $54,997 $13,563 4.1% 92 Age 75+ $31,529 $41,849 $10,320 4.1% 70 Total Spending per Household $48,109 $60,060 $11,951 3.2% 100 Alcohol (0.9% Total Spend) 2010 2017 Change 7 CAGR 2017 Index 2017 Share Less Than 25 $406 $317 -$80 -3.5% 57 1.1% Age 25-34 $473 $573 $100 2.8% 103 1.0% Age 35-44 $497 $624 $127 3.3% 112 0.9% Age 45-54 $414 $633 $219 6.3% 113 0.9% Age 55-64 $402 $620 $218 6.4% 111 1.0% Age 65-74 $392 $542 $150 4.7% 97 1.0% Age 75+ $184 $339 $155 9.1% 61 0.8% Alcohol Spend Per Household $412 $558 $146 4.4% 100 0.9% https://www.nbwa.org/resources/consumer-expenditures-and-alcohol-2010-2017
33. US Demographics Legal Drinking Age Adults (21+ / LDA) 210 215 220 225 230 235 240 245 2010 2011 2012 2013 2014 2015 2016 2017 2018 Millions Total Legal Drinking Age Adults 70.5% 71.0% 71.5% 72.0% 72.5% 73.0% 73.5% 74.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 LDA Share of Total Population Source: Compiled by NBWA from U.S. Census Bureau 2018 US Fertility Rates Have Plummeted Into Uncharted Territory. 60.2 babies were born in 2017 for every 1,000 women of 'childbearing' age (15-44) – a low not seen in the US since officials began charting.
34. Differences Across Age Groups Alcohol Beverage Segments Past 30 Days 0 20 40 60 80 100 120 140 Age 21-24 Age 25-34 Age 35-44 Age 45-54 Age 55-64 Age 65+ Index Base = 100 Beer Spirits Wine Source: NBWA and Scarborough USA+ 2018 Release 2
35. Total U.S. Goods Producing vs Service Providing BLS Employment: Jan 2008 to May 2019 10,000 12,000 14,000 16,000 18,000 20,000 22,000 24,000 100,000 105,000 110,000 115,000 120,000 125,000 130,000 135,000 1/1/2008 4/1/2008 7/1/2008 10/1/2008 1/1/2009 4/1/2009 7/1/2009 10/1/2009 1/1/2010 4/1/2010 7/1/2010 10/1/2010 1/1/2011 4/1/2011 7/1/2011 10/1/2011 1/1/2012 4/1/2012 7/1/2012 10/1/2012 1/1/2013 4/1/2013 7/1/2013 10/1/2013 1/1/2014 4/1/2014 7/1/2014 10/1/2014 1/1/2015 4/1/2015 7/1/2015 10/1/2015 1/1/2016 4/1/2016 7/1/2016 10/1/2016 1/1/2017 4/1/2017 7/1/2017 10/1/2017 1/1/2018 4/1/2018 7/1/2018 10/1/2018 1/1/2019 4/1/2019 Goods Producing Employment Service Employment Service Employment Good Producing Employment For now, the country has historically low unemployment rates – 3.6%, consistently adding new jobs (263K in April and 75K in May), and experiencing wage growth across broader categories – even in goods producing sectors – with blue collar (thirsty Jobs) jobs
36. U.S Labor Force Participation Rates Who is Working…? 87.5 88.0 88.5 89.0 89.5 90.0 90.5 91.0 91.5 92.0 92.5 2008 2010 2018 Men 25-34 74.0 74.2 74.4 74.6 74.8 75.0 75.2 75.4 75.6 75.8 76.0 2008 2010 2018 Women 25-34 Source: U.S. BLS: Labor Force Statistics from the Current Population Survey
37. And Who's Dirking What? Differences Between Genders Alcohol Past 30 Days 40 60 80 100 120 140 160 Craft Beer Import Beer Light Beer Liquor Cider FMB Wine Index Base = 100 Male Female Source: NBWA and Scarborough USA+ 2018 Release 1 69.1% percent of males respondents / 48.4% of population = 143
38. Fintech OneSource Sales to Retailers By Week in 2018 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Week 1 Week 2 Week 3 Week 4 Week 5 (Super Bowl) Week 6 Week 7 Week 8 Week 9 Week 10 Week 11 (St Patty Day) Week 12 Week 13 Week 14 (Easter 2018) Week 15 Week 16 (Easter 2019) Week 17 Week 18 (Cinco) Week 19 Week 20 Week 21 Week 22 (Mem Day) Week 23 Week 24 Week 25 Week 26 (4th of July) Week 27 Week 28 Week 29 Week 30 Week 31 Week 32 Week 33 Week 34 Week 35 (Labor Day) Week 36 Week 37 Week 38 Week 39 Week 40 Week 41 Week 42 Week 43 Week 44 (Halloween) Week 45 Week 46 Week 47 (Thanksgiving) Week 48 Week 49 Week 50 Week 51 (Xmas) Week 52 (New Years) Millions of Cases Per Week Weeks of Year 2018 Labor Day Fourth of July Memorial Day Super Bowl St Patty, NCAA and Cinco Winter Holiday s Thanksgiving Fintech InfoSource™ single source database of aggregated sales-to-retailer transactions for both the Off-Premise and On- Premise Channels. Covers over 130,000 chain and independent retail accounts with over $27 billion in alcohol purchase transactions and 670 million cases in 2018. Also covers 3,600 distributors of which 650 are self distributing brewers.
39. Fintech OneSource Sales to Retailers By Week in 2018 and 2019 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Week 1 Week 2 Week 3 Week 4 Week 5 (Super Bowl) Week 6 Week 7 Week 8 Week 9 Week 10 Week 11 (St Patty Day) Week 12 Week 13 Week 14 (Easter 2018) Week 15 Week 16 (Easter 2019) Week 17 Week 18 (Cinco) Week 19 Week 20 Week 21 Week 22 (Mem Day) Week 23 Week 24 Week 25 Week 26 (4th of July) Week 27 Week 28 Week 29 Week 30 Week 31 Week 32 Week 33 Week 34 Week 35 (Labor Day) Week 36 Week 37 Week 38 Week 39 Week 40 Week 41 Week 42 Week 43 Week 44 (Halloween) Week 45 Week 46 Week 47 (Thanksgiving) Week 48 Week 49 Week 50 Week 51 (Xmas) Week 52 (New Years) Millions of Cases Per Week Weeks of Year 2018 Labor Day Fourth of July Memorial Day Super Bowl St Patty, NCAA and Cinco Winter Holiday s Thanksgiving Fintech InfoSource™ single source database of aggregated sales-to-retailer transactions for both the Off-Premise and On- Premise Channels. Covers over 130,000 chain and independent retail accounts with over $27 billion in alcohol purchase transactions and 670 million cases in 2018. Also covers 3,600 distributors of which 650 are self distributing brewers.
40. Beer Purchasers’ Index All Segments for May 2018 vs May 2019 https://www.nbwa.org/resources/beer-purchasers-index 59 71 55 42 31 42 55 42 62 59 55 44 24 34 79 45 - 10 20 30 40 50 60 70 80 90 100 Total Imports Craft Premium Lights Premium Regular Below Premium FMB Cider May 2018 May 2019 Source NBWA, May 2019. An index of 50+ in a segment means volumes in that segment are expanding and an index below 50 indicates that volumes in that segment are contracting.
41. Beer Serves America Economic Impact Study • The beer industry generates 2.2 million jobs through direct, supplier and indirect employment. • $328 billion in economic output for the U.S. economy – 1.5% of U.S. GDP. • Pays $101 billion in wages and benefits • Generates $58.6 billion in taxes for federal, state and local governments. (consumption and business taxes) www.BeerServesAmerica.com
42. THANK YOU Lester Jones, Chief Economist National Beer Wholesalers Association ljones@nbwa.org Twitter @joneslester