A buying frenzy for Guizhou Moutai is spreading among overseas Chinese in the United States as the Chinese liquor producer raises the price of its product in the domestic market, China News reports.
The price for a 500ml bottle of the world-renowned Chinese liquor in the Chinese market has surged to 1,200 yuan (or $about 180). In contrast, a 1,000ml bottle of the same quality costs $220-230 in Flushing, a Chinese-populated community in New York.
The gap between the same product in Chinese and US markets has lured many overseas Chinese on a buying spree. Many of the consumers would bring their purchase back to China as gifts for the coming Spring Festival.
The liquor producer's decision to raise its products' price by 20 percent, as well as the increasing demand for liquor ahead of Chinese lunar New Year, have contributed to the price hike in the Chinese market.
