China Alcoholic Drinks Association releases aged wine report, with a scale of over 130 billion yuan and a growing consumer base
2024-08-20
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From August 16 to 18, the Second China (Taiyuan) Aged Wine Exchange Conference was held in Taiyuan, Shanxi. Representatives from many famous wine companies such as Moutai, Wuliangye, Fenjiu, Luzhou Laojiao, Xifeng Liquor, and Gujing, as well as liquor experts and aged wine collectors attended the conference to exchange ideas. The "2023-2024 Work Report of the Famous Wine Collection Professional Committee of the China Alcoholic Drinks Association" was released at the meeting.
The report shows that after more than 20 years of market baptism, the aged liquor market has gone through the budding period, the rapid development period, and the trough of the economic crisis. The growth rate slowed down from 2020 to 2022, and the growth rate rebounded in 2023. The market size is nearly 130 billion yuan, and it is expected to exceed 150 billion yuan in the next five years.
The report shows that in the first half of 2024, high-end liquor will still have an advantage in gift-giving and business banquets. Consumers' pursuit of quality life and preference for personalized and differentiated products will be very helpful in promoting the aged liquor market, especially the demand for high-quality aged liquor.
In terms of consumption structure, the mainstream areas of aged liquor consumption and trading are still concentrated in economically developed areas, eastern coastal areas, and southern provinces. However, the consumption of aged liquor has begun to develop in the west, and the national market atmosphere is more prominent.
Male consumers account for 86% of aged liquor, while female consumers account for 14%, which is 6 times that of female consumers. In terms of age, middle-aged and young high-net-worth people aged 36-45 are the core force of aged liquor consumption. The consumption habits of aged liquor are stable and loyal, with 25% purchasing more than twice, and the average repurchase frequency per consumer is 1.61 times, with a repurchase rate of up to 35%.
In terms of product composition, the prices of most well-known brands of aged liquor have been rising steadily, with 1,000-5,000 yuan becoming the preferred price range for consumers; aged liquor produced after 2000 is the most popular product among consumers, accounting for more than 40% of the transaction volume.
From the perspective of flavor, sauce-flavored liquors dominate the market, but the market growth of light-flavored products represented by Fenjiu is particularly obvious. From the perspective of brands, nationally renowned brands such as aged Moutai, Wuliangye, Fenjiu, Luzhou Laojiao, and Langjiu account for a large proportion. The brand value of famous liquors is still the decisive factor in the collection and appreciation of aged liquors.
The report said that since 2023, the prices of aged liquor have become more transparent, and coupled with downward economic pressure, the industry's profit margins have been further compressed, and the profit margins have remained below 5%.
In addition, with the development of the aged liquor market, the number of people engaged in aged liquor production continues to increase, and the consumers of aged liquor have gradually expanded from previous liquor drinkers and collectors to lovers and practitioners of other liquors such as wine and rice wine, as well as "newbies" who are trying liquor for the first time, and the consumer group continues to expand.
Cover News reporter Yu Qishu
