At-home shift widens: Alcohol-at-home +0.3% vs away-from-home +4.1% YoY; on-premise traffic and velocity remain pressured.

Beer reset: Category volumes down; fall price hikes muted. AB InBev gains share via Ultra/Busch Light; others softer.

Spirits bifurcation: Prepared cocktails and agave hold up; core spirits ex-RTD contract; promo depth rises to chase value shoppers.

Wine still correcting: Retail and DTC negative; bright spots in Sauvignon Blanc, rosé, sparkling; Champagne improving sequentially.

RTD scoreboard: Cutwater surges; spiked tea pops (Surfside, Sun Cruiser); hard seltzer continues to decline.

Company moves: Boston Beer tightens margins and leans into RTD/cider; MGP beats and refocuses; Brooklyn Brewery taps USB for U.S. sales; Fedway expands into beer.

Craft stress: U.S. craft distillery count down sharply; distribution and capital constraints bite.

Hemp THC goes mainstream: Circle K expansion plus big-box pilots put intoxicating hemp in direct competition with alcohol at the cold box.

Policy watch: Canadian warning labels debate, NC privatization talk, multistate AGs vs hemp loopholes, tariffs, and tequila label lawsuits.

Consumer lens: “Fewer, better” occasions; Sober October participation; early GLP-1 evidence suggests slower pacing and lower cravings.