By now you’ve probably heard the controversy surrounding Bud Light’s decision to partner with Dylan Mulvaney, a trans activist who decided to become a woman last year.

The partnership is designed primarily to boost Bud Light’s “Corporate Equality Index” score, giving the company preferred treatment from LGBTQ lobbying groups and ESG-driven portfolio managers.

Unfortunately for Anheuser-Busch Inbev (BUD), this approach may have backfired with a core section of its consumers.

According to Beer Business Daily, the reaction to this promotion has been heated… and distributors are getting nervous.

At LikeFolio, we’re seeing strong evidence that these fears are well justified.

Consumer Happiness levels (purple line) for the company have plummeted to all time lows, from nearly 80% positive prior to the promotion all the way down to just over 40% positive today:

Making matters worse, this sentiment drop is happening as consumer buzz surges to levels 10x BUD’s normal volume levels:

In other words.. the campaign has created an enormous, and extremely negative backlash.

So… who’s winning the customers that are abandoning Bud Light?

So far, it looks like Coors (TAP)

Consumer demand levels for Coors Light have skyrocketed as a result of the Bud Light controversy, with some customers swearing they’ll never come back.

Historically, we’ve rarely seen politicized boycotts have long-term impacts on overall brand happiness or revenues.

But then again, we’ve really never seen music stars protest by machine gunning the product either…