By Lisa Visentin

Copyright brisbanetimes

It is a mainstay of Chinese banquet culture and the drink and gift of choice in elite business circles, which has cemented it as an unofficial barometer of both consumer confidence and corruption.

At its 2023 peak, a bottle of Kweichow Moutai’s signature Flying Fairy would cost as much as 3300 yuan ($700), but it had now dropped below 2000 yuan ($428), said Mrs Tan, the manager of a Renhuai liquor pawnshop that trades in high-end spirits.

“When even Moutai is difficult to sell and the price has dropped, it’s really difficult for us. So many people have left. Many small liquor companies here are dead now,” she said. “In the past, some businesspeople used to buy 10 to 20 boxes a month from us, but now it’s more like less than two boxes for two months.”

Last month, Kweichow Moutai also recorded a revenue growth of less than 9 per cent, its slowest in a decade.