Life dataresearch report

2020 white paper on Chinese old wine From Hurun Research Institute

The following is the 2020 white paper on Chinese old wine From Hurun Research Institute recommended by And this article belongs to the classification: Life data, research report.

The Chinese Baijiu industry has a deep analysis of the current situation of China’s Baijiu industry, the consumption characteristics of liquor consumption in China’s high net worth population, the consumption trend of old liquor, the definition and value connotation of old liquor, and the prospect of the old liquor market.

According to the white paper:

First, under the background of the new normal development of China’s economic development and the new round of consumption structure upgrading, the Baijiu industry has entered the stage of structural growth and extrusion after its deep adjustment period.

Over the past three years, the number of Baijiu enterprises, the volume and sales volume of liquor industry have been decreasing, but the overall profit of the industry has been increasing. Among them, the proportion of listed Baijiu enterprises in the proportion of total revenue and profit has accelerated significantly. Referring to Chinese Baijiu market development rule and combining with the trend of high-end liquor consumption upgrading, the market concentration of Chinese Baijiu industry is expected to further improve.

The core driving force of the Baijiu industry’s structural prosperity is the yearning for a better life. The grow with each passing day, the enhancement of the consumption ability and the healthy consciousness, the consumption demand of the high quality Baijiu is increasing day by day.

56% the high net worth drinkers surveyed showed that the consumption of high-end / high-end Baijiu increased in the past two years.

Two, the old liquor opens the new outlet of the Baijiu industry, and the trend of time improving quality is forming and deepening.

The Chinese Baijiu consumption concept has gone through the process of never drinking, drinking, drinking, drinking and drinking, until the present stage of “drinking old wine”. Behind the old wine is actually the pursuit of the scarce value of high quality Baijiu in the consumer market. The old wine based on famous Baijiu liquor gives consumers the value of high quality liquor, while giving consumers the multi-dimensional experience of social value, cultural value, health value and investment value.

The four value connotations of old wine are as follows:

From the collection circle to the public, the drinking value is strong

It has health value that new wine can’t match

Culture and time endow Laojiu with unique emotional value

Capital flows into the old wine collection market, and the value of old wine collection continues to appear

In recent years, the market scale of old wine has been expanding. According to the report of China old wine market index, it is estimated that the market scale of old wine will exceed 100 billion by 2021. Under the support of the industry association’s continuous leading role as a whole and the market supervision department’s follow-up and strengthening market supervision measures, the old wine market will develop in the direction of “standardization and specialization”; famous and high-quality wine enterprises will further develop the old wine market, actively respond to the implementation of group standards, and then guide the consumption of old wine; foreign capital will join the old wine market one after another With new vitality, the development trend of old wine market is more and more strong.

With the increasingly demand of wine market, the old wine industry has been broken into a market segment. Many Baijiu enterprises have made strategic layout in the field of wine in succession.

The first is to enhance the value of “bottle storage” old wine by virtue of the influence of the brand’s old wine in the collection market, and then drive the sales growth of the brand’s old wine. This is a strategy based on the emotional link between consumers and brands. Representative liquor enterprises are Wuliangye, Langjiu, etc.

The second is relying on the history of the enterprise and the huge reserves of high-quality base liquor, focusing on the development of “Tan Chu” old liquor products. The representative liquor enterprise is shede liquor, one of the 17 famous liquor enterprises in China. Its aged base liquor reserves reach 120000 tons, and has passed the year liquor production certification of China Liquor Industry Association.

Three. High net worth people pay more attention to the quality of Baijiu and have strong purchase intention for old wine.

Consumption liquor is not only “face” but also “inside”: compared to the “face” value brought by Baijiu Baijiu, they pay more attention to the “quality” of the quality level, whether it meets the needs of their own quality of life, and whether they can bring themselves to enjoy the good drinking. Data show that when consuming high-end / high-end Baijiu, 48% of respondents hope that this can bring “social status” to their “face” social value. In contrast, the proportion of emotional appeal to “reflect their own quality of life” (67%) and “be able to enjoy in the process of drinking” (58%) was higher.

Nearly 60% of high net worth drinkers usually purchase high-end / high-end Baijiu for non business / government purposes, such as self drinking / family banquets, sending friends and relatives, collecting investments, etc. When purchasing Baijiu Baijiu / government high / high end liquor, they prefer Baijiu flavor / flavor, liquor year and drink comfort to brand.

High net worth drinkers have high acceptance of old wine (87% like it) and strong purchase intention (84%). Nearly 60% of those who are willing to buy old wine will buy more than 20% of their baijiu.

Whether it’s drinking with relatives and friends, or political and business banquets, the process of sharing old wine with others is more storytelling and friendly, and can closer the distance between people, which is the “sense of ceremony” brought by drinking old wine. According to the survey data, the top three purposes for high net worth drinkers to buy old wine are: important friends gathering (66%), family gathering with special commemorative significance (65%) and banqueting important business partners (61%).

4. Whether it is “bottle storage” or “jar storage”, the good wine that meets the core demand of consumers for “real year” is old wine.

“Old wine” is just a general term for “wine that has been stored for a long time”. For a long time, the definition of “old wine” is not clear, which makes it difficult to distinguish the true from the false in the old wine market. Consumers’ demands for “real year” old wine can not be fully guaranteed.

Judging from the specific product category, the current wine products in the market are mainly divided into two categories: aged Baijiu and year wine. China Baijiu Baijiu officially promulgated Baijiu collection evaluation index system and liquor year Liquor Group standard in 2019. It made clear requirements for “old Baijiu” (liquor stored for years) and “year wine” (liquor stored in the altar for many years). Two standards were pushed out to make the old wine market clear and clear, so that the consumers of the whole society gradually had a better understanding of old wine. .

Aged Baijiu refers to the “bottle storage” wine produced in the early years and now circulated. The Baijiu Baijiu group can only be called the old liquor Baijiu (old wine) ratio of 23% years. The storage year of the finished liquor in 5 years (4 -6 years) can also be called the proportion of old wine to 56%. The population of high net worth alcohol consumption requires that the storage period of the finished liquor is over 10 years.

Year wine is a liquor made by Baijiu Baijiu manufacturer based on the base liquor of certain “storage” years. High net worth drinkers had higher requirements for storage year of liquor base than those of industry standard (“storage for three years and more”). 86% of them thought Baijiu based liquor storage for more than 5 years could be called old wine (year wine). 12% of respondents thought that the liquor base should be over 10 years.

Because of the different standards of authenticity, quality, value and collection, old wine in bottle storage has caused chaos in the market of Baijiu liquor. The “Tan Chu” old wine is a more standardized product regulated by the industry, and compared with the “bottle Chu” old wine in glass or ceramics, the “Tan Chu” old wine is more recognized by industry professionals (the wine stored in the pottery jar will be naturally mature and have a natural flavor).

In addition, referring to the international standards of brandy and whisky, the year refers to the time when the wine is stored in oak barrels, rather than the year after it is poured into the bottle. “Tan Chu” old wine is a more international expression of wine age.

When asked whether the high net worth drinkers would or would like to adopt what criteria to judge whether the Baijiu products were old wine (year wine), the results showed that they believed that the three most important bases were: marking the main body base year (21%) on the packaging, the long history of the winery (13%) and the registered official trademark of the old liquor / year liquor registered by the National Liquor Association, etc. (11%).

At the same time, compared with the old liquor factory’s old age liquor, they rely more on the authenticity and quality of the year wine produced from famous wineries. The trust is mainly due to their high brand awareness, strong brand gene (long history, strong inheritance, Baijiu brewing technology and quality guarantee) and high capacity and high inventory production capacity, compared with the general liquor companies. It has more advantages in the qualification conditions of producing vintage wine.

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