This should serve as a warning to other companies: they’ll lose far more business than they’ll gain from Wokeism.

After self-destructing in the name of signaling virtue, Bud Light is looking at a permanent loss of nearly 25% of its business, according to Deutsche Bank analyst Mitch Collett in a recent Barron‘s article.

“We believe recent underperformance implies a permanent reduction in ABI’s U.S. business,” writes Collett, referring to Anheuser-Busch InBev, the parent company of Bud Light. “Our proprietary survey data suggests these headwinds are likely to fade even if we do not expect the U.S. business ever to fully recover from its current challenges.”

Data gathered by Deutsche Bank suggests that 24% of Bud Light consumers no longer purchase the brand, while another 18% are buying less of it.