Major ThemesElevated inventories (inventory/sales ratio 1.67) continue to pressure pricing, innovation, and depletions.Consumer caution deepens: weaker sentiment, reduced alcohol participation, rising non-alcoholic preferences.Category divergence persists—RTDs and premium agave outperform; wine and beer face continued softness.Key StoriesRTDs +3.7% weekly dollars; strong growth in wine-based seltzers and single-serve cocktails.Beer weakness continues off-premise; on-premise shows better seasonal momentum and trial-driven opportunities.Wine softness intensifies—shrinking consumer base, Napa acreage abandonment, and slower depletions.Walmart, Kroger, and private label trends reshape retail economics and pack/price strategy.Regulatory tension: TTB backlog, Colorado grocery wine fallout, THC beverage distribution debates.Corporate moves: Diageo CEO transition with renewed focus on value tiers; Simi acquired by WarRoom Cellars.Compliance & digital risk: NY underage enforcement and DoorDash data incident impact holiday-season risk management.Takeaways for Operators & SuppliersLean into RTDs, NA offerings, and seasonal on-premise programs.Protect velocity with pack/price architecture; plan for retail trade-down.Prepare for innovation delays due to TTB backlog.Monitor THC beverage policy shifts and data-privacy requirements for delivery partners.

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