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the latest data on wine prices today show that on september 22, the wholesale price of 2024 feitian moutai loose bottles was 2,270 yuan/bottle, a decrease of 30 yuan compared to september 21; the wholesale price of "longmao" original boxes was 2,550 yuan/bottle, a decrease of 20 yuan compared to september 21.

imoutai data shows that on september 22, the total number of subscribers for "longmao" with a specification of 53 degrees/500ml was about 2.3792 million, a decrease of about 120,000 compared with september 21, and a decrease of more than 50% compared with about 5 million at the beginning of this year.

moutai is the benchmark of the liquor industry, but its wholesale price has fallen twice since the beginning of this year. industry insiders pointed out that the overall liquor market consumption during the mid-autumn festival in 2024 was cold, and the market lacked confidence in liquor products including moutai.

maotai liquor wholesale price

continued decline during the year

as of september 22, the wholesale price of moutai's main products has been falling for several consecutive days.

on september 21, the wholesale price of 2024 feitian moutai original boxes fell below 2,400 yuan/bottle, and the wholesale price of 2024 feitian moutai loose bottles fell to 2,300 yuan/bottle.

on september 22, the wholesale price of 2024 feitian moutai loose bottles fell below 2,300 yuan per bottle.

compared with around the mid-autumn festival in 2023, the wholesale prices of 2023 feitian moutai original boxes and loose bottles were approximately rmb 3,000/bottle and 2,700 yuan/bottle, respectively.

the reporter noticed that around the dragon boat festival in 2024, the wholesale price of moutai also continued to decline.

at that time, the wholesale price of a box of 2024 feitian moutai once fell to nearly 2,400 yuan/bottle, and the wholesale price of a loose bottle of 2024 feitian moutai once fell to nearly 2,100 yuan/bottle.

industry insiders pointed out that moutai is the benchmark of the liquor industry, and changes in its wholesale price are instructive for the liquor industry.

it is reported that the decline in the wholesale price of moutai this time is related to the cooling of the demand for liquor during the mid-autumn festival. now, as the wholesale price of moutai continues to fall, the price offered by scalpers for recycling moutai has become the current price.

however, with basically no arbitrage space, the winning rate of imoutai's "dragon moutai" subscription is still only 0.59%. industry insiders said that the "authenticity" of moutai on imoutai is still a major advantage.

brokerage analysis shows that supply and demand relationship has changed

regarding the drop in the wholesale price of moutai, many brokerages attributed the cause to changes in supply and demand.

pacific securities released a research report that believes that the demand for liquor is mainly divided into business, gift giving, banquets and self-drinking, and the current demand is most affected by business banquets. the wholesale prices of moutai liquor and high-end liquors priced above 2,000 yuan and 500 to 800 yuan have fallen sharply.

pacific securities released a research report pointing out that the demand for liquor at banquets, after recovering in 2023, declined slightly in 2024. there was a downgrade in mass gatherings and gift-giving among friends and relatives. mainstream items priced between rmb 100 and rmb 300 meet the daily mass consumption needs and take on the downgraded demand. the demand is good and the price fluctuations are small.

changjiang securities released a research report saying that unlike most liquor brands, the wholesale price of moutai liquor fell during the traditional peak consumption season, mainly due to expectations of increased shipments, and the contradiction between supply and demand gradually became prominent.

will moutai stabilize its prices again?

industry insiders pointed out that the short-term decline in the wholesale price of moutai is a normal phenomenon, but if the price continues to fall, it may prompt kweichow moutai to take measures to stabilize prices.

looking back, around the dragon boat festival in 2024, the wholesale price of moutai continued to fall, and kweichow moutai took two measures for this.

first, kweichow moutai cancelled the sale of large boxes of 12 bottles of feitian moutai and cancelled the unboxing policy and other quantity control measures;

second, kweichow moutai has suspended the shipment of 15-year-old moutai and premium moutai.

subsequently, the wholesale price of moutai briefly rebounded. at that time, xiao zhuqing, an independent commentator in the wine industry, said that kweichow moutai's measures to control supply and maintain prices would send a positive signal to the market.

according to xiao zhuqing, the demand for purchasing individual bottles of feitian moutai in the market is decreasing, and many people buy whole boxes of feitian moutai for collection and gift giving.