For a long time, the alcohol industry relied on franchise capacity, distribution capacity, and stock-pushing capacity to drive growth. Today, terminals are more cautious in receiving goods, consumers make more specific purchasing decisions, and the marginal effectiveness of the old logic keeps declining. The dominant logic of alcohol distribution is migrating—from channel stocking to terminal sell-through and consumer operations. Whoever is closer to real consumption, whoever can retain users as durable assets, will have a better chance of surviving this adjustment cycle and seizing the initiative for the next phase of growth.
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