【英文】瑞银报告：中国白酒行业：重新评级后会有上行空间吗（43页）

英文研究报告 2021年01月26日 06:43 1 管理员

We believe one of the main drivers of the increase in the Normal 53°Feitian Moutai's wholesale price was the rise in the share of business-related consumption (significantly lower price sensitivity than household consumption) of total Moutai liquor demand during the COVID-19 pandemic; this is supported by the August 2020 survey results. In this iteration, among all major consumption occasions, "gifting for business purpose" (37% [net] respondents increased expense, same as below), "dining out for business purposes" (25%), "drinking at home" (18%) and "gifting to family/friends"(15%) had relatively strong growth during the pandemic. On the other hand, "going out to bar/KTV/nightclub with business partners"(12%), "going out to bar/KTV/nightclub with friends"(7%), "for special events" (5%) and "dining out with family/friends"(0%), were relatively weaker.

Compared with the August 2019 survey, growth in business-related consumption ("as a gift for business purposes", "dining out for business purposes" and "going out to bar/KTV/nightclub with business partners") moderated, but less obviously so than for non-business consumption. This suggests business-related baijiu demand was less affected by the pandemic than household consumption. Another interesting finding is that "dining out with family/friends" was the lowest-growing occasion (ranked No.5 in the August 2019 survey) while "to drink at home" became the third fastest-growing occasion (ranked No.7 in the August 2019 survey), suggesting consumers transferred their social location with family and friends from restaurants to their homes because of the COVID-19 impact.