They have increased the banquet market, and wine companies have started a "banquet battle"

Pen | Hong Dada

Edit | Yang Ling

With the recovery of the banquet market, it has become a must for major liquor brands.

On December 4th, Tanjiu's strategic new product in the banquet market, Tanjiu 1935 Banquet Edition, was officially unveiled, focusing on the banquet consumer market, which is a wonderful reinterpretation of Tanjiu 1935, a major product of 100-yuan soy sauce wine. With the launch of the Tanjiu 1935 banquet version into the market, there is another challenger to the already competitive banquet market.

In fact, banquet culture is an important part of Chinese liquor culture, and it is also one of the important scenes of liquor consumption, so there are not a few liquor companies that release new products for the banquet market.

New products have been launched to lay out the banquet market

The "battle for the banquet" is on the verge of breaking out

Affected by the industrial adjustment and the macro environment, the liquor consumption market as a whole has shown a weak trend this year, and the channels of commerce and circulation are relatively weak. It is worth mentioning that, according to the research report data released by CICC, the market capacity of liquor banquets will reach 230 billion to 250 billion yuan in 2022, accounting for about 40% of the total revenue of the liquor industry.

It is not difficult to see that the banquet market such as wedding banquets and college banquets has always been the dominant battlefield of liquor, with a large consumer group and a high corkage rate, coupled with the fact that the banquet market has many advantages such as strong concentration of liquor brands and strong marketing pertinence. Therefore, many liquor companies have accelerated the layout of the banquet market through new products.

Since the beginning of this year, new products for the banquet market include: in April, Zhengong Sauce Liquor launched a new Zhengong Red Recipe, focusing on wedding banquets, celebrations and other scenes; in September, Wuliangchun's new strategic single product Wuliangchun Hemei was officially unveiled, and the product was positioned as a mid-to-high-end banquet liquor. Earlier, in October last year, the 60th version of Luzhou Laojiao Tequ banquet was launched to create a banquet benchmark.

To seize the banquet market, in addition to making efforts in products, wine companies have also frequently increased their policies. For example, Guotai plans to carry out 30,000 banquets and 500,000 tables this year, covering 5 million people, and through the linkage of the banquet market, it has accumulated tasting and interaction with millions of consumers.

In the context of sluggish sales, liquor companies have seized the opportunity of the banquet to increase more product sales opportunities, and tried to build a communication space with consumers with the help of the banquet scene to enhance brand influence.

Huaan Securities Research Report pointed out that with the continuous replenishment of many holidays after the liberalization, the demand for banquet wine has been fully digested in 2023. The liquor banquet may continue to be popular next year. First of all, the phenomenon of make-up is only common in the wedding banquet scene, and the scale of the wedding banquet itself is expected to achieve resilient growth. Secondly, the base of "feasting population" is expected to support the continuation of the popularity of the three major scenarios next year.

Behind the creation of new banquet products

What is the logic?

As the most enthusiastic tactical layout direction of major wine companies, the banquet market layout has also attracted many brands to invest in it in recent years, and each of their attacks will bring new surprises and thoughts to the wine industry. In fact, there are certain commonalities behind these products.

First of all, the products are developed on the basis of the original popular large items. Taking Tanjiu 1935 banquet version as an example, Tanjiu 1935 was officially launched in 2018, with a market price of more than 100 yuan per bottle, which was loved by consumers. Today, the sales volume of the product has exceeded 12 million bottles, and it has become a veritable 100-yuan soy sauce wine item.

The most important thing is that the product has formed a strong voice and reputation in the consumer market with good reputation and sales. It can quickly form brand radiation and drive concentrated increment, so the new banquet products do not need to put too much effort into market cultivation and brand cultivation.

At the same time, with the help of the new product of Tanjiu 1935 banquet version, Tanjiu 1935 can once again accurately focus on the incremental market of banquets, further improve the distribution layout of Tanjiu 1935, and provide precise assistance for continuously improving product value and brand influence.

The second is to undertake the price band and improve the brand matrix. Taking Wuliangchun and Meimei as an example, the product is connected with the second-generation Wuliangchun priced at 300 yuan and the famous spring with 700 yuan, so the launch of Wuliangchun Hemei further enriches the product matrix of Wuliangchun brand and adds another general to the Wuliangchun brand deep cultivation of the sub-high-end market.

Finally, behind the new banquet products are enterprises looking for new growth demands. According to the "2023 China Liquor Market Interim Research Report" released by the China Liquor Industry Association, in the first half of 2023, the inventory of the liquor market is high, the sales are slow, and the traditional troika of "business, group buying, and banquet" fails to go hand in hand.

In addition to the advantages of famous wine halo, cost control, market foundation, consumer memory, etc., wine companies still launch banquet version products to expand new market growth points, seek market increments, and pry open up a market in the era of "stock competition".

All kinds of signs show that under the background of high inventory and slow sales, both enterprises and industries urgently need to find a breakthrough, and the gradual recovery of the banquet market, coupled with the fact that enterprises pay more and more attention to the construction of banquet consumption scenes, undoubtedly makes the banquet scene an important growth force to drive the dynamic sales of liquor enterprises.

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