白酒行业交出“十年低谷”成绩单，但新的风口来了

Core Insights - The Chinese liquor industry is experiencing a significant decline, with a reported production drop of 11.5% year-on-year for the first ten months of 2025, marking the lowest performance in a decade for many companies [1][2] - The consumer demographic for liquor is shifting, with younger generations (post-85 and post-90) becoming the primary consumers, leading to changes in consumption preferences towards lower alcohol content and more casual drinking experiences [2][4] Industry Trends - The white liquor market is seeing a transformation as companies recognize the need to appeal to younger consumers, who prefer lighter drinking options and are more health-conscious [2][6] - Major liquor companies like Wuliangye and Moutai are adopting strategies focused on "youthfulness" in product offerings, including lower alcohol content and modern branding [3][5] Consumer Preferences - A significant portion of consumers under 35 find traditional liquor to be "spicy and stimulating," with 62% expressing a preference for lower alcohol beverages [4][6] - The market for low-alcohol beverages is projected to exceed 74 billion yuan by 2025, with a compound annual growth rate of 25% [5] Product Innovations - Companies are launching new products aimed at younger consumers, such as flavored low-alcohol drinks and innovative blends that combine liquor with fruit juices and other mixers [5][6] - The trend towards "light drinking" is being embraced by major brands, which are introducing products that align with the preferences of younger consumers [5][6]