The premium on Moutai is becoming less common, with prices mostly sticking to the factory price. The era of drinking Moutai for 'face' is quietly shifting. The price drop of Moutai is essentially the result of a combination of 'demand-side reform' + 'supply-side surplus' + 'brand perception reshaping' after consumption upgrades. Three core reasons behind Moutai's price drop: 1. Changes in demand Young people are increasingly uninterested in drinking baijiu. Social occasions are fewer, business banquets are more restrained, and the once rigid demand of 'no banquet without Moutai' is quietly fading. 2. Changes in supply The 'scalper' arbitrage behavior has led to a significant increase in market supply. Inventory buildup and supply surplus are directly pulling prices down. 3. Changes in consumer mindset Consumers are becoming more rational. They’re starting to consider more cost-effective alternatives and are more price-sensitive. At the same time, loyalty to the Moutai brand is declining, with emerging baijiu brands rising and taking a share of the market. The golden age of premium baijiu isn’t over, but the era of 'effortless wins' is truly over.