From: Financial Times
Cigarette sales get stubbed
The bitter price war being fought in Spain’s uniform brown and yellow tobacconists, or estancos, coincided with a January ban on public smoking, Miles Johnson reports from Madrid. But prohibition does not tell the whole story.
The price of a packet of cigarettes in Spain, long known as a destination for Europeans looking to stock up on cheap cigarettes, last year rose on average by 30 per cent, or 65 cents, after the Spanish government increased tobacco tax and VAT.
As a result sales plummeted in a country with traditionally high levels of smoking compared with the European average, forcing companies to cut prices to sustain market share.
The bulk of Spain’s taxation on cigarettes is based on an ad valorem system. This means that for every 10 cents added to the price of a pack, the state receives 8 cents and the tobacconist gets 1 cent, leaving 1 cent for the manufacturer. The system, large cigarette companies argue, means they are incentivised to cut prices.
Since the price rise, cigarette companies in Spain, of which Imperial, with a 35 per cent market share, is the largest, have reported smokers “trading down” to cheaper, hand-rolled tobacco – and a rise in illicit sales.
The sale of non-taxed, smuggled or counterfeit cigarettes from China has risen in one year from 0.5 per cent of the total market to 4.6 per cent, while the number of so-called travel and retail sales, or foreigners buying cigarettes to take home, has also dropped.
The cumulative effect of the public ban and tax increases means that the number of cigarettes sold in Spain is expected to fall from 72bn to 57bn this year, according to consultants AFI.
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