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People's Daily Online>>China Business

Liquor makers hike prices as demand rises

By Fang Yunyu (Global Times)

15:22, December 26, 2011

Chinese liquor maker Sichuan Langjiu Group Co started to raise the prices of its products by 15 to 20 percent yesterday with another liquor producer following suit as the New Year approaches.

The price of Langjiu's 15-year Safflower Lang Liquor and its 20-year Blue Lang Liquor will be raised to 1,080 yuan ($170) and 1,680 yuan respectively, according to the company's plan.

Hu Jiquan, a PR executive at Langjiu Group, said the short supply during the New Year and Spring Festival holiday season motivated the company to raise the prices.

"Chinese people prefer to exchange liquor as gift to celebrate the New Year holiday, which of course boosts the demand," Wang Xianqing, director of the Institute of Economics at the Guangdong University of Business Studies, told the Global Times yesterday. Since consumers are buying the products, he believes the price increase trend will not be reversed in the near future.

Wang also said that for many Chinese people, prices of gifts represent the value they place on a relationship, and buyers can actually afford higher prices, so the price hike "won't influence the demand".

"Another important reason of the price hike is that some high-end liquor companies, such as Kweichow Moutai Co, have taken the lead in price hikes," said Wang. "Other liquor producers are just following the trend."

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