Moutai’s Price Drop Signals the Fading of “Banquet Culture”
Maotai Price Drop — A Shift from Banquet Culture to Alcohol Appreciation
Date: 2025-11-16 11:18 Shanghai
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Trip to Maotai Town
Over the past few days, I visited Maotai Town, Zunyi, Guizhou for a study trip, touring several distilleries.
The moment I got off the plane, I was welcomed by the strong aroma of soy-sauce-flavored baijiu — the entire town smells faintly of liquor. While hotel rooms remain neutral, hallways carry that unmistakable fragrance.
Though I don’t drink, I was eager to fully immerse myself in Guizhou’s baijiu culture.
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Double Eleven Surprise
This year’s Singles’ Day (Double Eleven) brought a shock:
On some e-commerce platforms, 53° Feitian Maotai dropped below the official RMB 1,499 retail price.
Live-stream sellers even offered RMB 1,399 or RMB 1,299.
(Swipe images left or right)
Traditionally, many view Feitian Maotai as an investment asset rather than just liquor — buying to store rather than drink. For years, it sold for RMB 2,000–3,000.
So why the sudden drop? Is this a temporary correction?
During distillery tours and conversations with fellow entrepreneurs, I posted this on WeChat:
> Maotai’s price drop signals the tough shift from banquet culture to true liquor culture.
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1. Banquet Culture — Maotai’s Social Value
The key to Maotai’s rise in banquet culture lies more in social symbolism than taste.
- At important business dinners, placing two bottles of Maotai instantly signals sincerity and respect.
- In this context, flavor is secondary; the price tag is primary, acting as a high-status marker.
This role cemented Maotai as the luxury standard of business drinking.
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2. Price Inversion Never Happens
Maotai’s unique history — from leaders’ endorsements to international awards — helped it hold market prices far above the official RMB 1,499.
Key Point:
- Buying at RMB 1,499 is rare in normal retail; most pay RMB 2,500–3,000.
- Local tourism initiatives allowed special purchases at RMB 1,499 (via receipts, boarding passes, etc.), attracting scalpers to arbitrage.
Result: Maotai became a financial instrument, traded for profit rather than consumed.
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3. “Undrunk” Maotai — The Barrier Lake
Problem: Sales volume up, consumption down.
- 2015: 19,800 tonnes
- 2024: ~46,400 tonnes
- Opening rate: only ~50% of bottles are ever opened.
Implication:
- Massive stockpiles sit in warehouses or collectors’ cabinets, treated as assets.
- This creates a “barrier lake” of inventory — like unredeemed loyalty points — posing latent risk if expectations shift.
External Factors:
- Decline in business banquets (-24.2% this year)
- Younger generation less reliant on banquet culture
Supply keeps rising, demand falls → Distributors face pressure → Prices drop to move stock → E-commerce amplifies low pricing → Public realizes Maotai can be cheap.
Core Logic of Price Drop:
- Wineries increase production
- Distributors hoard inventory
- Fewer drinkers consume
- Distributors lower prices
- Financial attributes weaken
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4. RMB 1,499 — The Industry Price Ceiling
Why defend RMB 1,499?
- This price anchors the entire baijiu value system.
- Breaching it risks dragging the whole industry’s high-end pricing down.
Maotai has experimented with collaborations, limited editions, and cross-products to uphold value perception.
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Final Observations
The Double Eleven drop highlights the shift from banquet drinking to alcohol appreciation.
Three Signals of Change:
- Nationwide baijiu production down: 4.492M kl (2023) → 4.145M kl (2024)
- Total industry revenue up: RMB 756.2B → RMB 796.38B
- Top 10 companies’ revenue share (CR10) up: 18.8% → 57.1% (2015 → 2024)
Insights:
- Baijiu is more expensive and premium-focused, yet the industry shrinks.
- Even Maotai faces downward price pressure.
- Long-term equilibrium may return liquor to its essence: enjoyed for taste among friends, not just as a tool for business relationships.
Maotai’s challenge is generational — reconnecting with younger consumers through new narratives and platforms.
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References
- Moutai finally couldn’t sit still
- TF Securities — In-depth research on Kweichow Moutai
- Kweichow Moutai 1H 2025 Financial Report
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I grouped the content into 4 logical sections, added headings/subheadings, highlighted key price points and causes, and maintained all original links and images. Would you like me to also create a short executive summary box at the top so readers instantly grasp the core message?
