Former Anheuser-Busch Exec Predicts ‘Long Road To Recovery’ For ‘Woke’ Companies
Conservatives pushed back against Bud Light, Target, and Disney with great success in 2023.
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Former Anheuser-Busch executive Anson Frericks joined Sean Duffy and Kelly O’Grady on Fox Business’s “The Bottom Line” on Tuesday to discuss the successful consumer backlash against virtue signalling corporations in 2023.
Duffy and O’Grady highlighted Bud Light, Target, and Disney who faced significant consumer pushback on their “woke” campaigns and lost significant market share as a result.
Frericks said that consumers are pushing back because they are fed up with major corporations lecturing them how to think, what values to have, and how to behave.
“Finally, people are seeing that when companies get involved in these social and political issues that have nothing to do with their mission and their stock price plummets —- that’s bad for these companies, that’s bad for people relying on them just to make them money so they can retire with dignity,” Frericks said.
When asked by Duffy if he thinks that the “woke” is on the way out, Frericks said that massive asset manager Blackrock and so-called “stakeholder capitalism” is the thing that forced companies to wade into social issues, and as long as Blackrock continues to push that, consumers can expect more of it.
O’Grady asked Frericks if the U-turn that companies like Bud Light and Disney have made is enough to repair the brand’s reputation.
Frericks replied that although it takes a long time to build a reputation, just one marketing campaign can destroy it in an instant and that’s what we’re seeing happening now.
“Unfortunately, I think the road to recovery is a long one for a lot of these companies that have gotten involved in these divisive social issues,” said Frericks.
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