中产“装腔消费”崩盘，波尔多泡沫在破灭

Core Viewpoint - The Bordeaux wine market in China is experiencing a significant decline due to changing consumer habits, economic uncertainty, and a shift in demand from traditional business settings to personal enjoyment, leading to a prolonged market downturn [1][4][11]. Market Trends - Bordeaux wines, once highly sought after in China, are now facing a price reevaluation, with some wines seeing price drops of over 20%, and certain wines like the right bank Château Pavie experiencing a decline of up to 41% [2][15][19]. - The overall wine market is under pressure, with over 56.63% of wine prices showing a decrease compared to previous months, indicating a broader trend of declining consumer interest and purchasing power [19][21]. Consumer Behavior - The demand for Bordeaux wines is shrinking, with a reported 25.89% decrease in wine imports in China from January to November 2025 compared to the previous year, highlighting a significant drop from the peak import levels in 2012 [21][22]. - Changing consumption scenarios, particularly the impact of the "liquor ban" in May 2025, have shifted wine consumption from business-related events to home settings, further contributing to the decline [21][22]. Generational Shift - There is a notable "generational gap" in wine consumption, with older consumers (over 55) dominating the market while younger consumers (ages 21-35) show low engagement, leading to a disconnect in marketing and product appeal [22][23]. Pricing Dynamics - The pricing structure of Bordeaux wines is becoming increasingly chaotic, with many importers forced to sell at a loss to recover costs, while competition from cross-border e-commerce is further squeezing margins [23][24]. - Bordeaux wine inventories are reportedly at levels equivalent to 18 months of sales, exacerbating the market's challenges as supply outstrips demand [23][24]. Industry Response - The Bordeaux wine industry is under pressure to adapt, with some producers opting to downgrade their wines to more accessible categories, indicating a shift in strategy to meet changing consumer preferences [24][25]. - Experts suggest that the industry must embrace a more consumer-friendly approach, including diversifying product offerings and utilizing modern marketing strategies to engage younger audiences [25][26].