“新禁酒令”后“升学宴禁令”来袭，白酒直面消费转型挑战

Core Viewpoint - The recent "new ban on alcohol" and multiple local initiatives to resist graduation banquets have severely impacted the already struggling Chinese liquor market, particularly affecting small and large liquor companies alike [2][4][10]. Policy Impact - The revised "Regulations on Strict Economy and Opposition to Waste" issued in May explicitly prohibits the provision of alcohol in government meals, marking it as the strictest ban on alcohol to date [4][5]. - Various regions, including Hainan, Sichuan, and Guizhou, have issued bans on hosting graduation banquets, expanding the scope of the regulations beyond just government consumption [5][9]. Market Dynamics - The graduation banquet market, traditionally a significant revenue source for liquor companies during the summer months, is facing a drastic reduction in orders due to the new regulations [10][12]. - The overall demand for banquet and gift-giving has sharply decreased, with many liquor companies reporting a significant drop in sales and profits [10][12]. Industry Response - Some liquor companies, such as Water Well Square and Tianyoude Wine, have downplayed the impact of the new regulations, while others have reduced their marketing efforts related to graduation banquets [11][12]. - A few regional companies have attempted to promote graduation banquet-related offers, but the overall sentiment in the industry remains cautious [11][12]. Long-term Implications - The new regulations are expected to push the liquor industry towards a transformation in consumption scenarios, moving away from reliance on government and social consumption towards more standardized and transparent consumption [14][15]. - The industry is likely to see a shift in focus towards rational consumption, emphasizing product value and diversification, as well as targeting new consumer demographics [14][15].