China's alcohol market spirals into deflation

Thursday, 29 January, 2026
Meiningers
After a premiumization bubble built up in China’s alcohol market over a long period, prices are now falling with increasing momentum.

Alcohol prices in China fell by 1.9% in 2025, the country's National Bureau of Statistics reported on January 9. The data indicates that alcohol prices in December were 2.1% lower year-on-year and 0.5% lower than in the previous month. While the national consumer price index (CPI) rose by 0.2% for the full year 2025, prices in the "food, tobacco, and alcohol" category fell by 0.7%. Within this group, the decline in alcohol prices was disproportionately steep at –1.9%.

By comparison, the price decline for food, tobacco, and alcohol in 2024 was just 0.1%, with alcoholic beverages recording a 0.5% drop.

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