Sou Hu Cai Jing·2025-12-10 07:30Core Insights - The article highlights the ongoing adjustment in the liquor industry, emphasizing the need for companies to accurately grasp market trends to remain competitive [1] - The data from the Double 11 shopping festival indicates a significant recovery in liquor consumption, with notable year-on-year growth in sales for major brands [2][6] - There is a shift towards value-for-money products as consumers become more rational in their purchasing behavior, impacting the sales dynamics of premium liquor [2][8] Summary by Category Sales Performance - Major liquor brands such as Wuliangye, Moutai, and Jian Nan Chun saw year-on-year transaction growth of 487%, 612%, and 556% respectively during the Double 11 event [2] - JD Supermarket reported an 18% year-on-year increase in liquor sales, with self-operated sales up by 32% [2] - Kuaishou's liquor sales exceeded a 206% increase during the same period, indicating a robust recovery in liquor consumption [2] Pricing Trends - The price of Moutai has dropped to around 1499 yuan after subsidies, with some platforms offering it as low as 1399 yuan, indicating a significant price pressure on the market [4] - The average price of Moutai is currently about 1550 yuan, which is close to the terminal market price, leading to further compression of channel profits [4] - A general decline in prices for various liquor brands has been observed, with some brands experiencing a drop in terminal market prices [5][6] Consumer Behavior - There is a noticeable increase in the sales of high-priced liquor (above 800 yuan) during the Double 11 period, with the segment accounting for 20.01% of total sales, up by 7.57 percentage points from the previous month [6][7] - Conversely, the lower price segments (100-300 yuan and below) have seen a decrease in market share, indicating a shift in consumer preference towards higher-value products [6][7] - The sales of domestic wines have surged in the 100-300 yuan price range, reflecting a growing preference for quality domestic products among consumers [14][16] Market Dynamics - The article suggests that the liquor industry is facing deeper structural issues, including insufficient consumer spending and changing demographics, leading to a phase of "volume contraction" [16][17] - The competitive landscape is characterized by a battle for market share among brands, with rational consumer behavior influencing purchasing decisions [16][17] - The article concludes that liquor companies must adapt to these market dynamics by adjusting production and pricing strategies to regain control over their pricing power [17]