Flying Moutai, once a premium liquor, is now seeing a return to rationality in the baijiu industry.
Data from Today's Liquor Price shows that on December 10, the wholesale price of 53-degree/500ml Flying Moutai (loose bottles) fell to 1,500 yuan per bottle, marking a 15-yuan drop from the previous day and setting a new yearly low. Compared to its peak of around 2,200 yuan per bottle at the beginning of the year, the price has plummeted by nearly 32%.
This is a significant signal: since 2018, when Flying Moutai’s suggested retail price was raised to 1,499 yuan, the product has consistently maintained a high premium in the market. In 2021, the price per bottle even surged above 3,500 yuan. This marks the first time its wholesale price has fallen close to the suggested retail level.
2023 has been a turning point for Flying Moutai’s pricing.
In June, the wholesale price of loose bottles successively lost key thresholds at 2,000 yuan, 1,900 yuan, and 1,800 yuan. Around November, it further dropped below 1,700 yuan and 1,600 yuan. These periods coincided with both the off-season for baijiu consumption and major e-commerce promotional events.
Online discounts have influenced consumer price expectations, and the continuous decline in wholesale prices has now spread to the retail market.
On December 10, inquiries at a Kweichow Moutai Co., Ltd. franchise store in Shanghai revealed that the latest retail price for 53-degree/500ml Flying Moutai (loose bottles) had fallen to as low as 1,550 yuan. The store admitted, "Prices have dropped significantly this year, and we have ample stock, so we’re selling at market rates."
Prices vary across stores, with other franchise outlets quoting between 1,700 yuan and 1,900 yuan—still a 25% decline from the 2,400-yuan range observed in late June.
As the most symbolic product in China’s baijiu industry, Flying Moutai’s shrinking premium signals a broader market correction, which may further pressure other high-end baijiu brands.
Cai Xuefei, a Chinese alcohol market analyst, noted optimistically that this trend could help eliminate speculative bubbles, allowing the product to realign with genuine consumer demand and solidify its long-term brand value. Lower prices objectively reduce consumption barriers, expanding the consumer base and potentially stabilizing Moutai’s market demand and pricing.
He added that for distributors, the fading short-term price arbitrage will force them to shift from passive sales to proactive marketing, enhancing service and innovation to build new competitive advantages and achieve healthier long-term collaboration with the brand.
Flying Moutai remains the core pillar of Kweichow Moutai Co., Ltd.’s performance.
In the first three quarters of 2023, the company reported revenue of 130.9 billion yuan, up 6.32% year-on-year, while net profit attributable to shareholders reached 64.63 billion yuan, a 6.25% increase. Both growth rates hit an 11-year low, falling short of the company’s initial 9% annual target.
Amid Flying Moutai’s price fluctuations, Kweichow Moutai has launched two ultra-premium commemorative editions to reinforce its brand image.
In August, the Moutai Five-Star Commemorative Edition debuted at an official price of 7,000 yuan per bottle. Limited to 25,568 bottles, each with a unique serial number, it was resold for over 10,000 yuan in secondary markets.
On December 8, the company released the 110th Anniversary Commemorative Edition of the Panama World Expo Gold Award, a 53-degree 1.1-liter bottle priced at 11,000 yuan, which also sold out instantly.
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