2024年春节白酒动销总结：消费倾向随人口返乡而提高，氛围好于节前跟踪

Industry Overview - The 2024 Spring Festival consumption atmosphere was better than expected, with a significant increase in returning population compared to 2019 and 2023, leading to a concentrated sales window and improved sales momentum [2] - The liquor industry showed a clear differentiation trend, with high-end and mass-market liquor experiencing growth, while sub-high-end liquor faced pressure [2] - Regional liquor accounted for over 40% of Spring Festival sales, with better-than-expected performance, further improving the certainty of annual growth [2] - The liquor industry exhibited a holiday siphon effect, with demand concentrated in the last 5 days before the festival, reflecting weak economic conditions and consumer confidence [8] Key Companies Performance Guizhou Maotai - Achieved 30% pre-festival payment collection, with batch prices slightly increasing, indicating strong price management capabilities [21] - The company diversified quota allocation and implemented discriminatory pricing to ensure price system stability [21] - Core products like Feitian and premium series showed steady demand, with batch prices for Feitian reaching around 3000 RMB [22] Wuliangye - Actively raised prices before the festival to secure channel resources, with batch prices increasing to 930-940 RMB [25] - Achieved 60% payment collection before January 25, with some distributors completing 80% by February 5 [25] - The company leveraged its brand strength during the peak season, with strong sales in East China and other regions [25] Luzhou Laojiao - Payment collection gradually caught up with last year, with pre-festival collection reaching 35-40% [28] - The company increased marketing investments during the peak season to compete for market share, with batch prices for high-end products rising to 875-880 RMB [28] - Inventory levels dropped significantly in North China, from 100 days to 80 days before the festival [28] Shanxi Fenjiu - Achieved 30% pre-festival payment collection, with Qinghua 20 showing strong sales momentum [31] - The company improved channel operation efficiency through marketing activities, with batch prices for Qinghua 20 rising to 360-365 RMB [31] - Inventory levels remained stable, with some regions experiencing shortages due to controlled shipments [31] Yanghe - Achieved 35% pre-festival payment collection, slightly slower than last year, with faster progress in regions outside Jiangsu [34] - The company faced challenges in its home market, with consumer preferences shifting towards competitors like Guoyuan [34] - Core products like M6+ and Crystal Dream showed mixed performance, with M6+ under pressure due to reduced corporate events and weddings [34] Jinshiyuan - Achieved 35-40% pre-festival payment collection, with strong consumer momentum and increasing market share [37] - The company transitioned its Sikai product from group purchase to distribution channels, with batch prices slightly declining to 390-410 RMB [37] - Marketing activities were focused on consumer incentives, with the launch of the fifth-generation Sikai after the festival [37] Gujing Gongjiu - Achieved 56% pre-festival payment collection in its home market, with strong growth in Gu8 and Gu16 products [39] - The company increased marketing investments during the festival, with Gu8 and Gu16 showing significant sales growth [39] - Regional performance was better than in other markets, with the company actively competing for channel and terminal resources [39]