Nan Fang Du Shi Bao·2026-01-15 11:45Core Viewpoint - The white liquor market is experiencing unexpected price declines instead of the anticipated seasonal increase, driven by price adjustments of benchmark products like Feitian Moutai, leading to a widespread price reduction across various brands and price segments [1][13]. Price Trends - In major cities like Guangzhou, Shenzhen, Foshan, and Dongguan, the average retail prices of high-end white liquors have generally decreased, with many premium products, especially sauce-flavored liquors, seeing significant price drops [1][11]. - In Guangzhou, the average price of sauce-flavored liquors has fallen sharply, with products like Junpin Xijiu dropping from approximately 731 yuan to around 698 yuan [2][3]. - The average retail price of Feitian Moutai in Shenzhen is reported at 1734.21 yuan, with some channels offering it as low as 1699 yuan [5][6]. Market Dynamics - The price adjustments are attributed to high inventory pressures and a shift towards "price for volume" strategies among distributors, indicating a challenging market environment for the white liquor industry [1][13]. - The introduction of the "i Moutai" platform has intensified competition, causing price fluctuations across the market, particularly affecting products in the 1000 yuan price range [2][7]. Regional Insights - In Shenzhen, high-end products like the eighth-generation Wuliangye have seen a price drop of approximately 39 yuan, while Junpin Xijiu's price has decreased by 22 yuan [5][6]. - In Dongguan, 13 out of 16 comparable high-end liquors have experienced price declines, with the eighth-generation Wuliangye averaging 884.43 yuan, down 20.57 yuan [11][12]. Future Outlook - The current price reductions reflect a lack of market momentum and high inventory levels, with many distributors indicating that clearing stock remains a primary focus [1][13]. - As the Spring Festival approaches, the ability of white liquor prices to stabilize will be a key indicator of the industry's recovery trajectory, with companies demonstrating brand resilience and channel control likely to emerge stronger from this market adjustment [13].