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【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.

【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)

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