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The economics of smoking
Member rating: No Rating | Words: | Submitted: Fri Jan 28 2005
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THE ECONOMICS OF SMOKING The UK cigarette and tobacco market grew by 22.7% between 1997 and 2001, to reach an estimated value of £15.52 billion (UK Tobacco Industry Fact Sheet, 2002). Total volume of products in the market continued to decline, while price increases, including taxation, contributed to a rising market value. However, this was dampened due to factors like consumers switching to cheaper brands, while smuggled products and goods legitimately purchased from overseas also reduce the market value. The UK cigarette and tobacco market is dominated by three main companies: Gallaher Group PLC, Imperial Tobacco Group PLC and British American Tobacco PLC, which accounted for 94% of UK tobacco sales for 2001. The EU is following a policy to reduce tar levels in cigarettes and ban advertising and to change on-pack descriptions and branding. Top 10 UK cigarette brands: 2001 % share of UK cigarette market Manufacturer Lambert & Butler KS 11.9 Imperial Tobacco Benson &...
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