Moutai has fallen below 1399 yuan, dealers face huge losses, and an era has ended!\nThe price of Moutai has unexpectedly dropped below 1399 yuan. As a barometer of the industry, the price of Feitian Moutai has fallen to this extent, which signifies the end of an era.\nIn 2021, the price of Feitian Moutai once reached 3000 yuan, and many people sighed in admiration. In 2022 and 2023, it maintained between 2000-3000 yuan. The real significant decline in Moutai's price started in 2024, with this year seeing it drop below 2000, falling to 1600 yuan in the second half of the year. Now, Pinduoduo has cut the price again, dropping below 1399 yuan, directly piercing through the official suggested retail price of 1499 yuan. This operation by Pinduoduo has caused a stir in the liquor industry, after all, this is Feitian Moutai. Entering December, Pinduoduo released a shocking price, with multiple stores listing Feitian Moutai at 1399 yuan, exclusive to Pinduoduo's 10 billion subsidy, and the price tag also shows "93,000 people are抢".\nSome people worry whether this might be fake goods. Regarding this issue, a netizen posted a question to Duan Yongping, a well-known investor, who replied: "With such a large volume, how could it possibly be fake? If it were fake, Moutai would have rushed past it long ago! I don’t understand why it can be sold at this price? I estimate it's their subsidy, just consider it advertising cost?" In June this year, the wholesale price of bottled Feitian Moutai first fell below 2000 yuan, and then began to decline rapidly. Within a month, it dropped below 1800 yuan, fell below 1700 yuan in October, and dropped to 1500 yuan in December. Currently, the price decline has not yet ended.\nThe continuously declining prices make distributors want to cry without tears. The cost for first-tier Moutai distributors is around 1600 yuan, and they are currently suffering massive losses, with prices still continuing to decline. Distributors and scalpers are all facing huge losses, and the faith of Moutai enthusiasts has been shattered.\nCurrently, the annual production of Moutai liquor is about 100 million bottles, and the stock on the market is about 800 million bottles, with the total social demand this year being around 30-40 million bottles. When stock continues to increase while demand continues to decline, a price drop becomes inevitable. As the "ceiling" of China's high-end liquor, the continuous decline in Feitian Moutai's price has triggered a chain reaction throughout the entire liquor industry. When even Moutai cannot sustain high prices, the price space for other liquor brands is also being continually squeezed.\nOn December 7, Wuliangye announced that starting from 2026, the price of the eighth generation of Wuliangye will be discounted from 1019 yuan per bottle. The distributor's invoicing price is reduced to 900 yuan. If combined with other supporting costs, the actual cost per bottle can reach around 800 yuan.\nBoth Moutai and Wuliangye have lowered their prices; what reason do other liquor brands have not to lower theirs? Therefore, the entire liquor industry is currently showing a trend of widespread price declines because the overall consumption demand in the liquor market is continuously declining. According to the third-quarter performance reports released by 20 listed liquor companies this year, only Moutai and Shanxi Fenjiu achieved both revenue and profit growth, while others saw performance declines. Wuliangye's profit fell by 13.7%, Yanghe's dropped by 53%, Gujing Gongjiu fell by 16%, Shede Liquor dropped by 29%, and Shuijingfang plummeted by 70%...\nChanges have come too fast. Among 20 liquor companies, only 2 achieved positive growth in performance, while 18 saw declines, 7 had profit declines exceeding 50%, and 4 reported profit losses. Why is it that now everyone is not drinking liquor? Firstly, the core consumer group for liquor has seen a decline in demand, such as for business banquets and gift consumption. These demands have not met expectations, and these consumption scenarios are largely concentrated in real estate, infrastructure, finance, etc. However, everyone is well aware of the current situation in these industries, which can no longer support the high-priced consumption of the past.\nSecondly, the younger generation of consumers does not have a high acceptance of liquor. This consumer group tends to prefer new categories like fruit wine, cocktails, low-alcohol beer, and so on. Liquor is not just simple liquor; it has formed a unique liquor culture, which is omnipresent in the workplace. However, today's young people do not buy into this; their understanding of work is more casual, and they would rather not drink at all. If necessary, they might even quit their jobs; it’s just a job after all, why bow down? Finally, for the vast majority of middle-aged men, the main force in liquor consumption, when making money was easy, there were many opportunities, and money came quickly. Various business banquets and gatherings could not do without liquor, and high-end liquor also served a flaunting function.\nHowever, when the economy is down and making money is not easy, middle-aged men with families to support become more pragmatic. They no longer spend extravagantly, and they save money and live frugally. Additionally, as they reach middle age, with health considerations and declining physical conditions, some things become beyond their reach. Drinking less, earning more, and focusing on health is the right path. Therefore, the continuous decline in Moutai's price to the current sluggish state of the entire liquor industry is not only a change in the supply and demand of the liquor consumption market but also a result of various factors such as economic development and changes in consumer group perceptions.