According to a research report released by Zhongtai Securities, the 2026 Q3 liquor industry showed significant structural differentiation. The industry as a whole accelerated bottoming out, the soft drink market was under pressure, and internal category differentiation was obvious. Liquor consumption has returned to rationality, and consumers' willingness to stock up has weakened, and the pay-as-you-go market performance showed a dumbbell pattern during the peak season. The overall performance of high-end wine was superior. The sub-high-end sector was under pressure, and real estate wine relied on banquets and homecoming scenarios to achieve structural restoration. The trend of healthy snacks continues, demand for offline snacks is under overall pressure, roasted nut categories continue to be resilient, heavy flavors, high in oil and salt categories have dropped significantly, and passenger traffic in traditional supermarkets continues to migrate to emerging channels such as vector snacks.

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