High-end tea retail sales slump as market tastes change
The taste for high-end tea has been drying up this year, as prices have been under pressure from the government's austerity drive and anti-graft campaign in addition to a slowing economy.
Many companies that sell high-end tea, such as Yunnan Taetea Tea Industry Group, a leading Pu'er tea company, are vying to lure more customers by offering lower prices. Taetea has lowered the prices of its most popular products by more than 50 percent since March this year.
Total domestic tea output this year was around 1.95 million tons - relatively flat compared to last year - but sales of gift sets and group - purchasing dropped, and the market was expected to be filled by growing demand for mid - range tea products, according to a recent report by the China Tea Marketing Association.
