线下温和回暖、线上加速出清 白酒市场的“双面旺季”

Core Insights - The offline channels are gradually recovering ahead of the Mid-Autumn Festival and National Day, while online instant retail channels are emerging as a new battleground for growth in the liquor industry [1][6] - The challenge for liquor companies is to deeply explore consumer scenarios to further activate both online and offline markets as the peak consumption season approaches [1] Offline Market Recovery - A cautious replenishment strategy is observed among offline distributors, with a slight recovery in consumer activity compared to the previous off-season, although overall consumption remains weak [4] - The China Alcoholic Drinks Association reported that the average inventory turnover days in the industry reached 900 days in the first half of 2025, a 10% year-on-year increase, with inventory levels rising by 25% [4] - Guizhou Moutai's 53-degree 500ml Feitian Moutai saw a price increase, with the price rising by 25 yuan per bottle to 1765 yuan on September 23, indicating some recovery in premium liquor segments [4] Online Instant Retail Growth - Online channels, particularly instant retail, are becoming a significant growth point for liquor sales, contrasting with the slow recovery in offline markets [6][12] - Major platforms like Meituan are offering rapid delivery services for liquor, with a diverse range of products available [11] - The collaboration between liquor brands and instant retail platforms is enhancing consumer experience and addressing inventory issues, with significant sales growth reported during promotional events [12][13] Evolving Consumer Scenarios - The liquor industry is shifting from traditional high-end consumption scenarios to more accessible and casual settings, such as home gatherings and outdoor activities [14][15] - The demand for smaller, portable packaging is increasing, with a notable rise in the consumption of low-alcohol products in outdoor settings [15] - Companies are adapting their marketing strategies to align with these new consumer scenarios, integrating online and offline channels to create a cohesive market approach [15][16]