The latest data from the "Liquor Price Report" shows that the average retail prices of the top 10 liquor products failed to sustain their upward trend on Wednesday, experiencing a broad-based correction. If one bottle of each of the top 10 products were bundled together, the total price today would be 9,092 yuan, down 26 yuan from the previous day, indicating a return to consolidation after a brief rebound.
The daily data in the "Liquor Price Report" is sourced from approximately 200 collection points distributed reasonably across major regions nationwide, including but not limited to designated liquor distributors, independent dealers, mainstream e-commerce platforms, and retail outlets. The raw data reflects actual transaction prices over the past 24 hours, aiming to provide objective, accurate, and traceable market price information for well-known liquor brands.
Today's market saw more declines than gains, with the correction range expanding. Meanwhile, the number of products with unchanged prices also increased significantly. Among the decliners, Qinghualang saw the deepest drop of 13 yuan per bottle, reflecting accumulated correction pressure after recent rapid gains. Wuliangye's Eighth Generation PuWu fell by 10 yuan per bottle, while Feitian Moutai and Premium Moutai dipped slightly by 3 yuan and 2 yuan per bottle, respectively. Gujing Gong Jiu 20 dropped by 1 yuan per bottle. On the upside, Guojiao 1573 and Xijiu Junpin rose modestly by 2 yuan and 1 yuan per bottle, respectively. Prices for Qinghua Fen 20, Yanghe M6+, and Crystal Jiannanchun remained unchanged from yesterday. Overall trading volume weakened, suggesting a resurgence of market caution.
In terms of industry analysis, Huachuang Securities noted in a research report that the current period is a critical window to capture pre-holiday recovery in the liquor sector, recommending prioritization of Kweichow Moutai. The report stated that recent declines in wholesale prices and stock prices reflect market concerns about supply-demand imbalances and next year's outlook. Both Kweichow Moutai and Wuliangye have taken clear operational measures to restore confidence. Specifically, Kweichow Moutai has suspended unfulfilled extra-quota allocations and planned reductions in high-value product supply to stabilize and lift wholesale prices, with Feitian Moutai's wholesale price already rebounding from lows. Wuliangye has adjusted payment terms, increased channel subsidies, and promoted digital management to ease dealer financial pressure and boost sales. The firm predicts these actions will set the industry's price ceiling and inventory clearance pace, with 2024 likely featuring "volume preceding price adjustments and sales-driven strategies," potentially followed by broader price adjustments post-Spring Festival to accelerate destocking.
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