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Unexpectedly, just before this year’s May Day holiday, the retail price of Feitian Moutai fell below ￥2,000 on e-commerce platforms. According to *China Wine News*, on Pinduoduo’s “100 Billion Subsidies” campaign, some stores are selling the 53-degree 500ml Feitian Moutai for ￥1,999 per bottle, with a two-bottle bundle priced at ￥3,990. Overseas editions are even cheaper, priced as low as ￥1,680 per bottle or ￥3,350 for two, labeled as “authentic,” “l(fā)owest price guaranteed,” and “compensation for overcharging.” As of publication, over 100,000 units of single and double bottles had been sold, with overseas single bottles surpassing 4.098 million units. 

Notably, similar subsidy campaigns last year had already triggered price fluctuations for Moutai and the broader wine market. The ￥2,000 threshold was widely regarded as a critical “bottom line” for the industry. In June 2024, *China Wine News* surveyed industry experts about whether Moutai’s price would drop below ￥2,000. Zeng Yu, a renowned vintage liquor collector and founder of Zeng Pintang, predicted that reduced consumption scenarios and weakened investment appeal would inevitably push Feitian Moutai below ￥2,000. However, at the time, new leadership at Moutai and coordinated supply controls by producers and distributors stabilized wholesale prices above ￥2,000. Now, with retail prices breaching this level, the impact on the industry is significant. 

“This outcome is both expected and surprising,” said Wu Peihai, advisor to Beijing Red Star Co., Ltd. and former deputy general manager, in an interview. “While a downward trend for premium liquor was foreseeable, the speed of this decline is startling.” He warned that Moutai’s price drop could trigger chain reactions: 

1. As an industry benchmark, Moutai’s price decline may drag down other premium brands. 

2. Consumer confidence and expectations could weaken further. 

3. Companies must rebuild market trust, as “confidence is more valuable than gold” in challenging times. 

4. Price wars must be avoided, as they harm the entire industry. 

“When the big river has water, the small streams are full; when the big river is dry, the small streams run dry. In tough times, we must focus on progress and hope—winter precedes spring,” Wu added. 

For consumers, cheaper Moutai is welcome news. Costs for weddings, festivals, and business events drop, making “Moutai freedom” more accessible. E-commerce platforms also benefit, gaining traffic and user loyalty through competitive pricing and anti-counterfeit guarantees backed by insurers like China Life Property & Casualty. 

However, for the industry, Moutai’s price slump spells trouble. Distributors face squeezed profits and potential inventory pileups if retail prices fall below wholesale rates. Mid-tier brands (￥800–1,500) risk losing market share as consumers “trade down” to cheaper Moutai. 

Zeng Yu noted that falling prices weaken Moutai’s investment value, destabilizing the vintage liquor market. “Stored inventory may depreciate faster than it sells,” he said, prompting cautious sales strategies among collectors. 

The price erosion also pressures Moutai’s other core products, like Moutai 1935. Yet, lower prices could boost the latter’s consumption rate. Ultimately, the question remains: Who gains, and who loses in this shift?