Despite concerns that the 2026 Spring Festival would be the "coldest" period for the baijiu market, industry sources indicate that Kweichow Moutai Co.,Ltd.'s influence has helped stabilize prices for premium baijiu, even as overall demand has weakened compared to previous years. The price of Feitian Moutai has risen by approximately 150 yuan per bottle since the end of 2025.
Several financial institutions have recently released reports expressing optimism that the baijiu sector will bottom out and rebound in the second half of 2026. However, many merchants remain cautious about this year’s market outlook.
A baijiu merchant from Jinan, Shandong, noted that this Spring Festival was unusually quiet. In previous years, the holiday period was marked by strong demand, with pre-holiday gift-giving and post-holiday social visits driving replenishment orders from small retailers and corporate clients. This year, however, market activity was subdued even before the festival, leading the merchant to extend the company's holiday until the eighth day of the lunar new year. Only a few customers placed orders during the break.
The merchant attributed the slowdown to more rational consumption habits, a decline in traditional social visits, and the growing shift toward e-commerce platforms, which have captured a portion of offline demand. Even during the Spring Festival, consumers could easily purchase baijiu through instant retail channels.
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