高于20块的香烟都没多少人买了，这是不是消费降级？

Core Insights - The high-end cigarette market is facing a significant decline in demand, with inventory turnover extending from 15 days to 45 days, indicating a liquidity crisis for retailers [1][3] - In contrast, low-end cigarettes priced below 20 yuan are experiencing a surge in sales, with a reported 8% increase in volume [3][13] Group 1: Market Trends - High-priced cigarette sales are projected to drop by 12% year-on-year in 2024, while low-priced cigarettes are gaining traction [3] - The shift in consumer behavior is attributed to increased financial pressures on workers, leading to a preference for cheaper alternatives [5][13] Group 2: Consumer Behavior - Many consumers, particularly those with high living costs and debt burdens, are opting for the cheapest cigarettes available [5][13] - The trend of consumption downgrade is evident among middle-class individuals who are forced to switch from premium brands to more affordable options due to financial constraints [5][13] Group 3: Regulatory and Cultural Factors - Stricter anti-smoking policies are being implemented across over 30 cities, contributing to a decline in high-end cigarette purchases [7] - The traditional office culture of sharing high-end cigarettes is diminishing, as more individuals prioritize health and refuse offers of cigarettes [9] Group 4: Demographic Shifts - Younger generations, particularly those born in the 90s and 00s, show a lower inclination to smoke compared to older generations, further impacting the demand for high-end cigarettes [11][13] - The overall decrease in smoking rates among youth is linked to rising cigarette prices and changing social dynamics [13]