On March 3, the price of a 53-degree Feitian Maotai liquor batch dropped to 1600 yuan per bottle, and this price has been continuously declining for three days, with a decrease of 100 yuan per bottle each day. The steep drop in Maotai prices has surprised distributors.
According to a report by “First Financial” on March 3, data from a third-party quoting platform in China showed that on the 3rd, the original box batch price of 53-degree Feitian Maotai dropped to 1600 yuan per bottle, marking the third consecutive day of decline from 1700 yuan per bottle on March 1 to 1600 yuan per bottle on the 3rd.
Han Liang, a liquor merchant responsible for a beverage trading company in Beijing, who has been involved in liquor group purchases for a long time, revealed that during the Chinese New Year period, the wholesale price of Maotai in full cases has been stable at 1700 yuan per bottle or above. The rapid decline in liquor prices now has come unexpectedly, and over the past two years, making money from speculating in Maotai has become increasingly difficult due to the continuous decline in wholesale prices.
Data shows that in 2025, the wholesale price of Maotai dropped from 2300 yuan per bottle at the beginning of the year to 1499 yuan per bottle by November. In 2026, especially during the Chinese New Year period, Maotai prices remained relatively stable, with an increase of about 150 yuan per bottle compared to the month before the New Year. However, in March, market prices suddenly declined. On March 1, the wholesale price of Maotai decreased by 20 yuan per bottle, holding at 1680 yuan per bottle. On March 2, Maotai prices had several small dips within one day, with prices dropping by 50 to 70 yuan per bottle by the evening, causing concerns in the industry about future market prices.
Not only has the original box wholesale price of Feitian Maotai declined, but the wholesale price of bottled Feitian Maotai broke through the 1600 yuan mark on the 3rd, dropping to 1575 yuan per bottle. Meanwhile, the price of Maotai zodiac liquor of the Horse year is also falling. On March 3, the basic edition of Maotai zodiac Horse year in its original box dropped to 1920 yuan per bottle, compared to 2300 yuan per bottle on February 25. By March 3, the price of Maotai zodiac Horse year had dropped by nearly 400 yuan per bottle, approaching the sale price of 1899 yuan per bottle.
Regarding this, Guo Youchen, a liquor merchant from Jiangsu, told “First Financial” that on one hand, the off-season after the New Year leads to reduced gift-giving and consumption, naturally resulting in price reductions; on the other hand, some gifted Maotai liquors flowing back into the market have also driven market prices downwards.
However, several liquor merchants expressed surprise at the significant consecutive decreases in Maotai prices this year. Some middlemen in the Maotai market believe that changes in the market structure have led to price fluctuations this year.
These intermediaries stated that in the past, Maotai prices were controlled by major dealers, with the initiative in the hands of Maotai distributors and middlemen, ultimately taken up by retail investors and end consumers. But with Maotai officially supplying the market in large quantities, most buyers are retail investors, leading to a surge of supply into the market and making it more fragmented.
Some industry insiders believe that the entry of retail investors has disrupted the established market dynamics, allowing Maotai prices to fluctuate more freely, thereby compressing the profit margins and stability of speculators. Although speculators have played an important role in the historical development of Maotai liquor, their role is clearly weakened in the current market environment, making their future days more challenging.