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China’s imported spirits market saw a notable contraction in 2024, with brandy and whiskey leading the decline amid shifting consumer trends and economic pressures. Trade figures reveal brandy imports dropped by 19.13% in volume and 29.55% in value year-on-year, while whiskey imports fell 10.50% in volume and 22.79% in value. This downturn follows years of robust growth, signaling a post-pandemic recalibration in preferences and the collapse of premium pricing bubbles. 

Despite the slump, brandy retained its position as China’s top imported spirit, with 35.03 million liters valued at \$1.23 billion. Whiskey followed as the second-largest category, importing 29.19 million liters worth \$451 million—just 36.58% of brandy’s total value. The sharper decline in whiskey’s import value highlights reduced demand for high-end products, prompting price adjustments. 

Both categories had previously enjoyed rapid expansion. Brandy imports surged 68.97% in value in 2021 compared to 2020, rebounding in 2023 after a minor dip in 2022. “Post-COVID restocking in 2022 led to overstocking, but demand plummeted by mid-2023,” noted a Cognac importer. Whiskey imports grew steadily from 2020 to 2023 before retreating to 2021 levels in 2024, as economic uncertainty undercut gains from wine importers pivoting to the category. 

France maintained near-total dominance in brandy imports (99.21%), driven by Cognac giants Hennessy, Rémy Martin, and Martell. Scotch whiskey remained China’s preferred choice, though Japanese and American varieties—collectively accounting for 15% of imports—also saw declines. Meanwhile, liqueurs displayed mixed trends: South Korean fruit-flavored soju rose 3.85% to $28.32 million, while German brands like J?germeister plummeted 41.74% to $13.74 million. 

Analysts attribute the market contraction to evolving consumer habits and inventory oversupply. Looking ahead, potential anti-dumping tariffs on brandy in 2025 could introduce further volatility. As China’s spirits market navigates these challenges, its trajectory will serve as a barometer for broader consumption recovery efforts.