KWEICHOW MOUTAI(SH:600519) Sou Hu Cai Jing·2025-11-20 17:18Core Viewpoint - The main focus of this year's Double Eleven shopping festival is not on electronics but on Moutai, indicating a significant shift in consumer behavior and attitudes towards luxury goods and "face consumption" [4][12][19] Group 1: Price Dynamics - Moutai is being sold at a promotional price of 1499 yuan, which is lower than the wholesale price, marking a departure from its previous inflated market value [1][5] - The price drop signifies a collapse of the "face consumption" culture that previously surrounded Moutai, as its high price was more about social status than actual scarcity [4][10] Group 2: Market Impact - The introduction of low-priced Moutai by e-commerce platforms is disrupting traditional distribution channels, eliminating middlemen and directly connecting producers with consumers [10][17] - This shift poses a significant threat to middlemen who previously profited from the high margins on Moutai sales, leading to a potential collapse of their business model [10][12] Group 3: Changing Consumer Behavior - There is a noticeable transition from "show-off consumption" to "rational consumption," with consumers now prioritizing value for money over status symbols [13][19] - The younger generation is increasingly favoring healthier lifestyle choices and is less inclined to engage in traditional drinking culture, further diminishing the appeal of Moutai [11][12] Group 4: Broader Implications - The decline in Moutai's price reflects a broader societal change where consumers are becoming more discerning and less influenced by scarcity and luxury branding [19] - The phenomenon of Moutai being sold at a lower price is not an isolated incident but part of a structural transformation in consumer attitudes and market dynamics [13][19]