One thing that articles like this often overlook is the way the price of beer has risen dramatically over the last decade or so. For brands that seem to offer something extra, like craft beers that are more flavorful with different styles and varieties, or even imports with an exotic or special feel in the minds of the average consumer, this isn't necessarily as big of a problem, because people will pay something for those if they can and if they care about beer.
However, the thing about Budweiser and Bud Light, and the same probably goes for it's chief competitors like Miller and Coors (It'd be interesting to see if their sales numbers are down also), which are more viewed as commodity beers, a high price is often going to push people up or down the price later to other brews. What I mean by that is that while some might like the taste or branding of Bud and Bud Light and accord that a bit of value relative to similar competitors, ultimately there are a million similar beers out. The difference between Budweiser and MGD is about the difference between a Coke and a Pepsi. Some people have very definite preferences between Coke and Pepsi, but if one were half the price of the other, or even 3/4, most people would probably be willing to change brands.
I think the guy who walks in a liquor store with the idea of buying a 30-can cube of Bud probably now is buying a 30-can cube of one of the zillion of "sub-premium" adjunct lagers on the shelf that are in a lower price category but taste "close enough". In some instances, people have access to regional brands of adjunct lagers that are significantly less expensive but taste better. Budweiser is still relying on the old Chevy/Ford type of intense brand loyalty where people wore logoed baseball caps and wouldn't accept a ride in "their" "rival" brand's truck or sip their favor beer's "rival" brand (I have an Uncle who will drink nothing but Budweiser and Bud Light, abstaining from alcohol if they aren't present, but he's of retirement age. Millennials don't think like that, as a generalization- obviously there are expections.)- and the beer market just isn't like that any more (I'm not sure the auto market is either, in most places). People see a high price tag attached to Bud and will either say "I can get a similar beer for less" or "I can trade up a little and get a high quality craft brew".
My strategy for Budweiser would be for them to cut prices. Advertising tagline: "An iconic beer, a classic price".
I see a lot of ads for Goose Island, and I think that's smart, too. The craft segment is growing, and they own a legit craft brewer now (More than one, actually). As might as well ride that to some extent. But their core brands are going to be their key driver for the foreseeable future and they have to find a way to turn those around a bit.
