Is beer recession-proof?

"Selling beer is a solid business, even during a recession," wrote Matthew Dalton of Dow Jones Newswires on 30 October.

Beer sales tend to resist economic downturns, and in some cases actually increase as consumers switch to cheaper alcoholic drinks.

"Other than a few markets, beer sales continue to hold up, which is not uncommon during times of recession," said Brian Sudano, managing director of Beverage Marketing Corporation in New York.

• Dalton's article is specifically about InBev's purchase of A-B: most analysts still see that as happening, but maybe with some modifications.
• [UPDATE: Is beer recession proof? Argument #2]