Core Insights - The dual festival period of National Day and Mid-Autumn Festival in 2025 did not yield the expected sales peak for the liquor industry, with retail and catering sales only growing by 3.3% year-on-year, indicating a significant slowdown compared to the May Day holiday [1][3] - The liquor market is experiencing a structural transformation driven by rational consumption, channel revolution, and brand resilience, highlighting both challenges and opportunities for the industry [3] Market Performance - High-end liquor brands showed stable sales during the dual festival period, benefiting from effective volume control and price maintenance strategies, which helped stabilize core product pricing [3][4] - In contrast, mid-range and lower mid-range liquors faced significant challenges, with many products seeing price drops from the 400 yuan range to 200-300 yuan, and sales volumes declining by over 30% for most brands [4][6] - Low-end liquor performed relatively well, with some star products experiencing over 20% year-on-year sales growth, reflecting a shift towards value-for-money consumption [6][8] Regional Variations - The overall liquor market in Sichuan saw a year-on-year sales decline of approximately 20%, with significant drops in the Chengdu market [9][11] - In Guangdong, liquor sales also fell by 20-30% year-on-year, with a notable reduction in corporate group orders and a shift towards lower-priced products [9][11] - The Anhui market saw an increase in banquet events, but the average spending per table decreased, indicating a shift in consumer behavior [11][12] - The Henan market displayed structural opportunities, with some brands achieving growth through product innovation and cultural marketing [12] - Northern provinces like Shandong and Hebei showed signs of recovery, benefiting from a faster rebound in banquet markets [12] Channel Evolution - The liquor industry is undergoing a digital transformation in its channel ecosystem, with major brands adopting instant retail strategies to enhance consumer access [13][15] - Instant retail channels saw significant growth during the dual festival period, with sales on platforms like Meituan increasing by 8 times year-on-year [13][15] - The rise of instant retail reflects a shift in consumer habits towards immediate satisfaction, with younger consumers (aged 25-35) making up over 45% of buyers on these platforms [15][16] Future Trends - The liquor industry's competition is shifting from traditional brand and channel advantages to a more comprehensive competition based on digital capabilities, including data insights and supply chain efficiency [16] - The future of liquor consumption is expected to be characterized by rational, diverse, and instant purchasing behaviors, necessitating a reevaluation of product positioning and marketing strategies by companies [16]