# Luxury Consumption

Liquid Gold Loses Its Luster: Why Moutai’s Hangover Is Only Just Beginning

Kweichow Moutai recorded its first-ever year of negative growth in 2025, signaling a historic decline for China's premier luxury brand. The downturn reflects a combination of permanent anti-corruption measures, the collapse of the real estate-driven business culture, and a generational shift toward a tech-focused economy.