During the traditional peak season of the Mid-Autumn Festival and the National Day Golden Week, the white liquor market in China usually experiences a surge in sales. However, this year, the market has been lackluster leading up to the “Double Festival” period. The news made it to the top search trends on September 24.
The Mid-Autumn Festival and the National Day Golden Week are peak seasons for white liquor sales, critical times for liquor companies to promote sales and reduce inventory. But this year’s market conditions differ from previous years.
According to a report by The Paper on September 23, sales data from various white liquor retail outlets indicate that the market is not as vibrant as expected before the “Double Festival.” There has been structural differentiation in sales at the retail level. Furthermore, many distilleries have shifted away from pressuring distributors to buy in bulk and have instead focused on improving actual sales based on bottle opening rates.
In the white liquor market, premium brands like Feitian Moutai, Wuliangye, and Luzhou Laojiao have maintained high prices, although their retail prices have decreased compared to the same period last year. Meanwhile, mid-range white liquors are facing sales pressure, while demand for mass-market white liquors shows more resilience. A white liquor distributor mentioned, “Apart from Moutai, many white liquors are now at their ‘floor price.'”
A store owner who has been running a tobacco and liquor shop for eight years lamented, “This year is a disaster! But we have to keep selling; it’s all about serving the loyal customers.”
On September 23, a popular mainland Chinese social media influencer stated that distributors have shifted to quick replenishment with small orders. The previous practice of bulk purchasing to speculate on price hikes has disappeared completely; warehouses are left empty if possible, and distributors are hesitant to hold excess stock.
The Paper noted that many smaller tobacco and liquor shops, despite prominently displaying alcohol in their windows, generally sell fast-moving consumer goods like beverages and mineral water.
Independent liquor industry analyst Xiao Zhuqing told The Paper, “In 2026, the white liquor retail market during the Mid-Autumn Festival shows a clear structural differentiation, lack of peak season fervor, and an overall decrease in volume.” He further commented, “This year during the Mid-Autumn Festival, white liquor consumption is mainly driven by gift-giving and corporate welfare scenarios. However, both of these core scenes are weakening, with the exception of Moutai holding strong with rigid demand. The vast majority of premium liquors, regional liquors, mid-range, and mass-market liquors are collectively cooling down. The white liquor market has officially entered a new phase of competition with reduced volume, where only the top players enjoy the benefits.”