Prices of high-end liquors have decreased sharply as the Lunar New Year approaches.

The cost of Wuliangye Yibin Co Ltd and Kweichow Moutai Co Ltd products dropped as much as 60 percent, the National Business Daily reported on Jan 15.

Some promotions, such as “buy one, get one free” offers, have been launched at many supermarkets and department stores, and those have dragged down prices, the Shanghai-based newspaper said.

The decreasing prices are the result of the country's economic slowdown and a recent government crackdown on consuming expensive liquor, which have been banned at government and military receptions.