By Michael Evans
Top baijiu brand Moutai is no longer a favourite gift among China’s millionaires, according to a new survey, the Shanghai Daily reports:
The country’s premium liquor brand, Moutai, dropped out of the top 10 preferred brands for gifting by men among the country’s millionaires, falling to 13th place from 5th the previous year.
The Chinese Luxury Consumer Survey 2013 surveyed 551 Chinese mainland residents with a personal wealth of 10 million yuan (US$1.6 million) or more.
The past few months have not been kind to China’s top liquor. Moutai’s market value plunged 12.5 billion yuan in December, a day after China’s military announced a ban on serving alcohol at official banquets, while the company’s stock dropped 5.6 percent, according to Xinhua.
Reports last November that many baijiu brands were contaminated with high levels of plasticizers further dampened buyers’ enthusiasm.
Baijiu sales over the New Year holiday fell to half what they were the previous year, despite many supermarkets offering generous discounts, the Want China Times reported.
Luxury watches likewise fell from the top ten list, which many see as a result of recent cases of corrupt officials brought down by their extensive and expensive watch collections.