Core Insights - The core viewpoint of the article is that the liquor distribution industry is undergoing a significant channel reconstruction, with online platforms becoming the primary means for brands to reach new users, test new products, and reshape consumption scenarios [2][3]. Industry Trends - The liquor e-commerce market in China is projected to exceed 150 billion yuan in GMV by 2024, reflecting a growth rate of over 20% year-on-year, with an online penetration rate increasing to 14% [6]. - The rapid growth of liquor e-commerce is driven by changing consumer demands and improved channel efficiencies, indicating a potential to reach a penetration rate of over 30% [7]. Platform Dynamics - The e-commerce landscape for liquor has evolved into a multi-faceted competitive environment characterized by "shelf + content + instant + private domain" models, with each platform leveraging unique strengths to capture market share [17]. - Major platforms like JD and Taobao focus on planned consumption among mature users, while platforms like Douyin and Kuaishou target younger demographics through scenario-based content [20][21]. Brand Strategies - Many liquor companies are still in the early stages of online transformation, with overall online sales accounting for less than 10% of total sales for listed companies in 2024 [23]. - Brands are increasingly focusing on digital marketing, customer engagement, and price management to adapt to the evolving e-commerce landscape [25][34]. Distribution Transformation - Liquor distributors are transitioning from mere product distributors to value enablers, emphasizing digital capabilities and collaboration with manufacturers to enhance supply chain efficiency [35][36]. - The integration of data sharing and joint operations between distributors and brands is reshaping industry relationships, leading to improved product innovation and market responsiveness [37].

酒商对于线上白酒大促"只有更低，没有最低"的担忧正成为现实。记者注意到，"双十二"临近，线上名 酒价格继续下行，53度飞天茅台补贴后价格已下探至1499元官方指导价甚至更低。在业内看来，市场供 大于求的局面下，改变这一现状难度很大。 记者在部分电商平台看到，53度飞天茅台补贴后价格已降至1499元/瓶，个别平台甚至推出1399元/瓶的 三人团的团购价。其他名酒价格也比此前有所下降，比如五粮液普五的双瓶装补贴后价格约为1449元， 约合724.5元/瓶，远低于市场批发价。 电商连续的低价大促也引发了线下传统酒商的不满。多位受访酒商告诉记者，虽然线下价格和线上价格 并不直接等同，但如今用户习惯线上比价，这给日常销售带来很多不必要的麻烦。加上近期茅台等名酒 线下批发价仍有回落趋势，终端商也进入"越跌越观望"的状态，生意比之前更淡。 记者注意到，11月20日前，飞天茅台价格曾迎来一波回暖，市场批价回升至散瓶1655元/瓶、原箱1690 元/瓶，市场零售价也普遍回到1700元/瓶以上。而根据最新第三方报价，今日飞天茅台的散瓶和原箱批 价分别为1545元/瓶和1550元/瓶，散瓶已跌去110元/瓶。 酒水行业研究者欧阳千 ...

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].

Core Insights - Concerns among liquor merchants regarding the online liquor promotion "only lower, never lowest" are becoming a reality as prices continue to decline ahead of the "Double Twelve" shopping festival [1] - The price of 53-degree Feitian Moutai has dropped to 1499 yuan, even below the official guidance price, indicating a market situation where supply exceeds demand [1] - The China Alcoholic Drinks Circulation Association's e-commerce committee projects that the domestic liquor e-commerce GMV will reach approximately 150 billion yuan in 2024, with a year-on-year growth of over 20% [1] - The online penetration rate for liquor remains below 15%, suggesting significant growth potential in the sector [1] - The association has proposed the "New Retail Anti-Internal Competition Initiative" to shift the focus of liquor companies from "traffic grabbing" to "user operation" [1] - Future strategies will involve digital management of supply chains, pricing systems, and consumer assets to adapt to the transition from push-driven sales to demand-driven sales [1]

线上白酒大促"只有更低，没有最低"的担忧正成为现实 酒商对于线上白酒大促"只有更低，没有最低"的担忧正成为现实。记者注意到，"双十二"临近，线上名酒价格继续下行，53度飞天茅台补贴后价格已下探至 1499元官方指导价甚至更低。在业内看来，市场供大于求的局面下，改变这一现状难度很大。 记者在部分电商平台看到，53度飞天茅台补贴后价格已降至1499元/瓶，个别平台甚至推出1399元/瓶的三人团的团购价。其他名酒价格也比此前有所下降， 比如五粮液普五的双瓶装补贴后价格约为1449元，约合724.5元/瓶，远低于市场批发价。 电商连续的低价大促也引发了线下传统酒商的不满。多位受访酒商告诉记者，虽然线下价格和线上价格并不直接等同，但如今用户习惯线上比价，这给日常 销售带来很多不必要的麻烦。加上近期茅台等名酒线下批发价仍有回落趋势，终端商也进入"越跌越观望"的状态，生意比之前更淡。 0 all of the first of the first of ( de ter ra 相比之下，酒水电商发展正在加快。2025中国酒类流通协会电商专业委员会工作会议透露，2024年国内酒类电商GMV规模约为1500亿元，同比增长超 2 ...