Moutai and hairy crabs: Prices for luxury items drop to record lows during China’s Golden Week

Sales of Moutai, known as the national liquor of China, continued to dip during the Golden Week holiday, following declining Mid-Autumn festival sales, reports showed.

The Huanqiu state-affiliated news outlet reported that Moutai prices, even for a special dragon zodiac limited bottle edition, fell to 2,490 yuan a bottle, below the original pricing of around 3,000 yuan a bottle.

“The current drop in the wholesale price of Moutai is related to the drop in consumer demand for liquor during the mid-autumn festival,” read the Huanqiu report. 

Yicai Global, the English-language news arm of the Yicai Media Group, reported the continued decline of wholesale Moutai prices during peak holiday seasons this year, reflecting weak consumption demand.

“A bottle costs 2,365 yuan today … down about 15 per cent from a year earlier,” the report said, adding that liquor bottle prices were even lower as part of multi-packs. 

Speaking to Yicai Global, sellers and merchants said Beijing demand was “particularly tepid” – “likely the softest over the past decade.” Another reason for the decline in wholesale physical prices was cheaper prices online, the report said.

Checks by CNA on Taobao showed prices of a single bottle – at around 2,309 yuan. On the popular budget shopping site Pinduoduo, one bottle of Moutai was priced at 2,270 yuan.

But it wasn’t just the prices of luxury items that declined, China’s tourism industry was bracing for sluggish growth over the national holidays, even as regional governments began distributing cash vouchers to boost spending. 

Costs for domestic flights and hotels are also cheaper this year, experts said, hovering below levels reported a year ago.