Nan Fang Du Shi Bao·2025-12-26 15:00Core Insights - The Chinese liquor industry is undergoing significant transformation in 2025, facing challenges such as high channel inventory and weak terminal sales, while also experiencing new opportunities driven by changing policies, consumption patterns, and market scenarios [1][14] Market Trends - The white liquor market in the Guangdong-Hong Kong-Macao Greater Bay Area has seen a decline in retail prices, with a notable shift in consumer behavior and pricing strategies [2][3] - The market is characterized by overall price declines, with traditional peak seasons losing their effectiveness, and the penetration of instant retail channels impacting pricing dynamics [3][6] Price Dynamics - Over half of the monitored products in the Greater Bay Area have experienced price declines, including high-end brands like Moutai and Wuliangye, indicating a weakening of price defenses across various segments [4][6] - The price range for products priced at 1,000 yuan and above has collectively cooled, with significant discrepancies between listed prices and actual transaction prices [4][9] Consumer Behavior - Mid-range and mass-market products have shown relative price stability, reflecting their essential demand despite overall market contraction [5][9] - The impact of online channels on pricing is significant, with online prices often dropping while offline prices remain stable, particularly in Shenzhen [8][10] Regional Insights - In Dongguan, the white liquor market has shown structural price differentiation, with high-end products facing downward pressure while mid-range brands adopt varied pricing strategies to maintain market positioning [13][14] - In Foshan, the market is characterized by stable prices for certain products, with local brands influencing consumer preferences and sales dynamics [11][12] Future Outlook - The industry is expected to continue facing low-price conditions in the short term, with the upcoming Spring Festival seen as a potential opportunity for temporary sales improvement [16] - The competition is anticipated to shift from price wars to a focus on brand strength, product innovation, and refined channel management as companies seek to adapt to evolving consumer habits [16]