Last week, the National Beer Wholesalers Association (NBWA) released the Beer Purchasers’ Index (BPI) for September 2022. The September 2022 BPI results show the total beer index is at 45.5 and the “at-risk” inventory at 50.0. The September data marks a shift to a lower “at-risk” inventory measure compared to September 2021 and August 2022, indicating distributors are carefully managing inventories heading into the fourth quarter. Continued inflationary pressures and a slowing economy bring the industry to a fourth month of pause after five months of positive ordering trends in 2022.
About NBWA’s Beer Purchasers’ Index: BPI is the only forward-looking indicator for distributors to measure expected beer demand. The index surveys beer distributors’ purchases across different segments and compares them to previous years. A reading greater than 50 indicates the segment is expanding, while a reading below 50 indicates the segment is contracting.
Looking across the segments for September:
- The imports index stands as the only beer segment in expansion territory with a reading of 61 in September 2022, slightly lower relative to the September 2021 reading of 65.
- The craft index at 26 is well below the September 2021 reading of 44.
- The premium lights index posted a reading of 47, slightly below the September 2021 reading of 50.
- The premium regular segment index is at 36, below the September 2021 reading of 41.
- The below premium segment is at 47, which is higher than the September 2021 reading of 29. For a fourth month, this is the only segment to see an increase year-over-year.
- The FMB/seltzer index continues to contract, falling to 24 in September 2022 from the September 2021 reading of 40.
- Finally, the cider segment remains below 50, with the September 2022 results at 24 compared to September 2021’s reading of 34.