Feitian Moutai Price Increase Day One: Market Feedback Says Prices Are "A Bit Confusing" | Liquor Watch

Sina Finance’s “Liquor Price Insider” launches in a major rollout: Real market prices of well-known baijiu are now under your control

Sichuan Observer News reporter Zhou Xianbin / Text & Photos

Starting March 31, Moutai officially adjusted the price of Feitian Moutai. The self-operated retail price in the company’s system was raised from 1499 yuan per bottle to 1539 yuan per bottle. This price only covers the “i-Moutai” e-commerce platform and 42 nationwide company-operated stores; other social channels are not required to follow it.

During visits to the market, reporters found that the highest quoted price for loose-bottle Feitian Moutai reaches 1750 yuan per bottle, while the original case (full carton) is as high as 1880 yuan per bottle. On the first day of the “market-based” pricing of Feitian Moutai, the market seemed a bit stunned and the prices were a little chaotic, as everyone tried to absorb this sudden shock.

Market situation: No inventory at offline self-operated stores; high end-user premiums

This morning, the reporter, posing as a consumer, conducted an on-site visit to Moutai’s offline self-operated store located in the center of Chengdu. Staff said that the Feitian priced at 1539 yuan per bottle can only be purchased through “i-Moutai” for time-limited purchase. The store currently has no stock and does not offer on-site sales; it serves only as a pickup point for the “i-Moutai” platform. When asked about the price levels in other channels, the staff responded: “Not sure—the store’s quoted price is the reference.”

The reporter’s inquiries across multiple parties showed that offline channel merchants quote loose-bottle Feitian Moutai at up to 1750 yuan per bottle, and the original case (full carton) at as high as 1880 yuan per bottle. On online platforms, JD.com’s “Guizhou Moutai” self-operated store lists a price of 1539 yuan per bottle, but uses a “reservation + limited-time purchase” model. As of the time of this report, after making a reservation, the reporter was still unable to successfully complete the limited-time purchase. Meanwhile, the self-operated Feitian Moutai full-carton price on JD.com is 10,695 yuan per case, which comes to about 1780 yuan per bottle. On Meituan’s Waimai Songjiu platform, the displayed price is 1659 yuan per bottle.

Over the past week, the terminal loose-bottle Feitian Moutai price has fluctuated between 1650 yuan per bottle and 1750 yuan per bottle. The self-operated 1539 yuan per bottle is like a “price anchor,” but the Moutai that truly flows into the market still maintains a relatively high premium.

“A bottle of liquor went up by 80 yuan last night.” A salesperson at a specialty shop on Hongxing Road in Chengdu told the reporter, “Previously, the 1499-yuan price constrained and guided most channels—everyone basically followed it. After it was loosened today, the prices are indeed a bit chaotic. The 1539 yuan is at most a reference price; as for how to sell below that, everyone has their own skills.”

For ordinary consumers, an increase of 40 yuan at the terminal is still tolerable, but the difficulty of buying is a headache. “What’s the difference from hunger marketing?” Consumer Ms. Shen told the reporter that she and her friends failed to successfully purchase through “i-Moutai” for 10 consecutive days. “You can see it but you can’t get it.”

Industry insiders: Moutai can raise prices, but the industry may be hard to follow

After 8 years, Moutai raised the ex-factory price and the retail price of Feitian Moutai at the same time, which has also drawn significant attention from the liquor industry.

“Moutai can raise prices, which shows without a doubt that China’s high-net-worth consumer group has the purchasing power.” Shao Lingli, chairman of Chuangwei Liquor Industry Consulting, said, “Currently, ‘pricing follows what the market pays’ not only refers to the market transaction price, but also points to Moutai’s ex-factory price. This means the era of excessive profits for Moutai distributors is coming to an end.”

From strongly promoting “i-Moutai,” to launching agency sales with a 5% commission, and then to the price hike in a headwind situation—since the newly appointed ‘managing boss,’ Chen Hua, took office, Moutai has been making frequent moves in sales. Some people also expressed concerns about these aggressive adjustments. A distributor who asked not to be named told the reporter: “Moutai is clearly pushing a shift in its marketing system, continuously reducing distributors’ profit levels and the weight of their ecosystem. In the long run, will it dampen channel players’ enthusiasm?”

So, what kind of signal does Moutai’s price increase send? Multiple industry insiders believe that whether it can represent an overall improvement in the industry still needs more evidence. “Against the backdrop of the industry’s ongoing and deep adjustments, expecting Moutai’s price increase to pull the entire industry along is unrealistic.”

From the 1499 yuan per bottle guidance price to the 1539 yuan per bottle self-operated terminal price, Moutai’s adjustment to Feitian Moutai may look like a modest increase, but in reality, it is a key step in pushing the price system to become truly market-based. Whether consumers can actually buy reasonably priced Feitian, whether distributors can adapt to the new rules, and whether the industry will thereby accelerate change—answers to these questions still need to be tested over time.

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