茅台补贴后价格跌破1500元

Core Viewpoint - The online price drop of premium liquor, particularly Moutai, is causing significant concern among liquor retailers, indicating a market oversupply situation that is difficult to change [3][5]. Price Trends - The price of 53-degree Moutai has fallen to 1499 yuan per bottle after subsidies, with some platforms offering group purchase prices as low as 1399 yuan [3]. - Other premium liquors, such as Wuliangye, have also seen price reductions, with a two-bottle pack priced at approximately 1449 yuan, equating to 724.5 yuan per bottle, significantly below wholesale prices [3]. - Prior to November 20, Moutai prices had seen a brief recovery, with market prices reaching 1655 yuan per bottle, but have since dropped to 1545 yuan per bottle, a decrease of 110 yuan [4]. Industry Sentiment - Industry experts express that frequent online price cuts are detrimental, as they force offline retailers to lower prices, leading to a cycle of price declines [5]. - The China Alcoholic Drinks Circulation Association reported a景气指数 (AC1) of 44.85 for the first three quarters of 2025, indicating a relatively poor market condition [5]. - The growth of online liquor sales is accelerating, with an expected GMV of 150 billion yuan in 2024, reflecting over 20% year-on-year growth, although online penetration remains below 15% [5]. Market Dynamics - The current market is characterized by slow inventory reduction and excess supply, with all liquor brands experiencing price declines [6]. - The president of the China Alcoholic Drinks Circulation Association noted that the industry is still in an adjustment phase, advocating for the establishment of new high-quality manufacturer-distributor relationships to promote rational market development [6].