In recent developments, the highly regarded Moutai liquor, known for its reputation as a valuable asset and a solid investment, is encountering significant pressures stemming from declining prices and adjustments in its sales model. Recently, Guizhou Moutai announced an expansion of its official direct sales channels and will transition 16 non-standard products to a model that allows for all-day dynamic restocking. Distributors have indicated that the financial appeal of Moutai may gradually diminish, substantially reducing profit margins for intermediaries.
According to data reported on November 13, the average retail price of Feitian Moutai has fallen for the fourth consecutive day, now standing at 1,765 yuan per bottle. The price of premium Moutai has also decreased by 5 yuan, reaching a new low of 2,415 yuan per bottle over the past 30 days. The “i Moutai” official online sales platform has switched to an all-day dynamic restocking mode, further exerting downward pressure on Moutai prices. Additionally, Moutai 1935 has dropped by 1 yuan, now priced at 684 yuan per bottle.
At a performance conference on November 10, Wang Li, a board director and acting general manager of Guizhou Moutai, shared that “i Moutai” will gradually shift from its current model of scarcity-driven purchasing to a more consumer-oriented daily sales approach. The self-operated stores will continue to expand their availability to the broader market.
This adjustment will include converting 16 non-standard products, which encompass premium Moutai, aged Moutai, the classic Maijiu and gift box versions, Guge Feitian, and seasonal wines, to an all-day dynamic restocking system, thereby broadening the scope of official online sales.
Industry insights reveal that after implementing direct sales, the most immediate effects are being felt by intermediaries and scalpers, significantly impacting the Moutai recycling market.
Distributor Liu Hui commented, “In the past, we couldn’t get our hands on Moutai because of the frantic buying waves; now that the manufacturer is selling directly, there is no profit to gain. People are no longer rushing to buy, and many are refusing to purchase Moutai that isn’t sourced from ‘i Moutai.’”
Similarly, another distributor, Xia Li, noted that the expansion of direct sales by Moutai is closely linked to pressure on performance growth. “Previously, Moutai didn’t need to sell directly; it relied on distributors to maintain annual growth rates of 15% to 18%. Given the economic climate in recent years, if we continue to sell like before, there may come a time when Moutai is sold for below 1,000 yuan on platforms like Pinduoduo.”
Xia Li also expressed concerns about the potential for Moutai’s financial attributes to diminish further as the market continues to change. She mentioned that personalized or unique bottles from i Moutai frequently end up selling at a loss.
“If the economy remains challenging next year, Moutai will face significant performance pressures. If we want to sustain growth during a downward economic cycle with no chance of price increases, what options do we have? We can only sell freely,” Xia Li warned.
She elaborated, noting that previously, certain distributors reaped all the margins. Now, Moutai aims to take a larger share of profits by selling directly, which can enhance both sales figures and financial reports.
Looking ahead, many distributors have expressed skepticism about the possibility of Moutai prices appreciating or even doubling in the future, with the consensus being that such prospects are increasingly unlikely.