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以安徽为例,白酒消费“阶梯式”升级
以安徽为例,白酒消费“阶梯式”升级
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所属报告:
食品饮料行业四论次高端:逻辑持续兑现价位分化、酱酒热潮拓展想象空间-210810(31页).pdf
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从行业属性来看,白酒消费升级呈现明显的“缓蓄势、急爆发”特点。次高端从 2017 年底开始正式进入到消费需求自发驱动的增长阶段。在《以史为鉴,新趋势下的白酒行业将走向何方》的报告中我们已经指出,白酒行业具有社交聚饮和精神文化等属性,并且白酒消费具有典型的“候鸟式”特征,年节消费更加集中,这些因素决定了白酒的消费升级趋势一旦形成,就很难逆转,“阶梯式”特征明显,一方面,跨越式的消费升级并非一蹴而就,而是在经过漫长的积累之后才会显现,并在某一价位持续放量,即使遇到经济波动和行业调整也只会影响升级的速度,不会改变向上的趋势(20 年的新冠疫情就是个很好的压力测试);另一方面,价格升级并非是斜率式的增长,百元价格带向次高端 200~300 元升级后并不是继续向 300~400 元延伸,而是直接跃升至 500~800 元价位,越往上升级,价格的跨度越大。
行业数据
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当前图表所属:
食品饮料行业四论次高端:逻辑持续兑现价位分化、酱酒热潮拓展想象空间-210810(31页).pdf
白酒产量开始出现负增长
白酒产量不再增长,2016年开始的行业复苏主要由价格驱动
高端白酒从2020开始迈入稳健增长阶段(主营收入yoy)
2017年以来公司经销商数量大幅增加
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