Sales of premium beers are down and more drinkers are buying cheaper brands as economic woes hit Americans in the wallet, according to Miller Brewing Co.

The Associated Press reported May 15 that Miller CEO Tom Long said that sales of Miller Genuine Draft, a premium brand, were down 10.6 percent so far this year, while sales of Miller Light and Miller High Life were up 1.1 percent

"We think it's primarily driven by decline of disposable income and pocket money that American consumers are feeling right now," Long said. Overall beer sales remain steady, and Miller's profits rose 22.7 percent in the last year. But Long said that the company plans to sell more lower-cost beer going forward, and also expects Americans to spend less money in bars and restaurants.