On May 16, Kweichow Moutai raised prices on several non‑standard products, including the 15‑year aged, premium, the Year of the Horse collector’s edition, and 1L Feitian. This came just 46 days after the 500ml Feitian’s retail price was increased from RMB 1,499 to 1,539 at the end of March. The second price hike in two months has sparked debate—some call it a numbers game, others see it as value restoration. Yet Moutai’s price moves now draw more attention than the company’s executives Chen Hua and Wang Li ever did. According to Moutai’s official statement, adjustments follow the principles of “market‑based pricing, supply‑demand alignment, volume‑price balance, and relative stability.” In other words, prices reflect real market conditions.

Some argue that Moutai’s price hikes are a manifestation of its super‑brand value and dominance in China’s liquor market—even globally. Such strong brand power results in extremely low price elasticity; core customers are largely unaffected, and scarcity may even fuel a virtuous cycle of “higher prices drive more buying.” Raising prices also preserves Moutai’s luxury status. It is not a mass‑market commodity but a top‑tier luxury good. This adjustment anchors a premium image, preventing brand dilution. Others point to a deeper shift: Moutai is overhauling its channel and pricing mechanisms, finally taking control from distributors. In the past, heavy reliance on distributors led to hoarding and speculation, creating a distorted “factory price control, channel arbitrage” dynamic. Now, by connecting directly with consumers, Moutai captures real demand data, cuts out middlemen, and retains more profit.

Ultimately, Moutai’s price is determined by its triple nature—as a consumer good, a luxury good, and an investment asset. When prices rise, core customers are calm or even welcoming, while ordinary consumers complain. When prices fall, budget self‑drinkers are happy, but investors panic. Price hikes strengthen Moutai’s high‑end positioning and squeeze scalpers, narrowing the gap between official and market prices. Yet they also widen the psychological distance from average drinkers, stirring anxiety. In January, Moutai had slashed prices on non‑standard products—by RMB 600 for the zodiac edition, RMB 1,000 for premium, and RMB 1,800 for aged—clear examples of “market‑based pricing” in action. Whether Moutai can truly sustain this approach depends on its ability to leverage big data and accurate analytics. Tides ebb and flow, prices rise and fall—that is nature and market law. Moutai’s market logic now resembles a stock exchange: transaction prices can go up or down. The ones pulling the strings are not Chen Hua or Wang Li, but the market and consumers. The market decides the price; consumers decide the future. That calculation must be made ever clearer.