Constellation Brands Faces Macroeconomic and Structural Challenges Leading to Hold RatingDemographics & for more detail. The duration and magnitude of the STZ beer slowdown, with a large FY cut today, continue to point to building evidence of secular challenges, as opposed to just macro drivers, particularly given consumer spending has held up in the broader economy in recent months. We see a number of structural headwinds, including health/wellness (exacerbated by GLP), demographic pressure with less demand from younger consumers, cannabis substitution effects, and sustained greater high-end beer competition. All these points drive weak beer category trends, on top of the maturation of STZ's brand portfolio at a larger volume base.