Retail volume sales of cigarettes continued to decline in 2022, taking them below pre-pandemic levels. The economy price band was the least impacted by retail volume declines, aided by some consumers trading down to more affordable brands.
The planned increase in GST to 8% in 2023 was announced during the Singapore Budget 2022, early in the year. The impending price increase is likely to motivate consumers to revaluate their current discretionary spending and reduce it for future savings.
Major players Philip Morris Singapore Pte Ltd and Corporación Habanos SA maintained their leading positions in their respective categories of cigarettes, and cigars and cigarillos in 2022. These players benefit from their wide distribution across various channels and larger consumer reach, and gained some ground once Singapore further relaxed its pandemic-related restrictions in 2022.
Volume sales through hospitality channels in Singapore, such as hotels, restaurants, and bars, benefited from the full relaxation of pandemic-related restrictions in 2022. All nightlife businesses, including clubs and discotheques, were allowed to fully reopen on 19 April 2022, thus driving volume sales of tobacco products through on-trade channels.
The government in Singapore has announced a GST hike in two stages, with a rise in 2023 to 8% and a further planned increase to 9% by 2024. The impending GST increase will lead to further inflationary pressures and weigh on consumers’ discretionary spending, contributing to further declines in demand for cigarettes over the forecast period.
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Tobacco
Passport Tobacco covers the seven major tobacco categories: Cigarettes, Cigars & Cigarillos, Smoking tobacco (made up of Pipe tobacco and RYO tobacco), Smokeless Tobacco (snuff and chewing tobacco), E-Vapour Products (closed and open); Heated Tobacco; and Tobacco Free Oral Nicotine. Smoking paraphernalia such as pipes, rolling papers, lighters or matches, etc., are not included, nor are nicotine replacement therapy (NRT) products, which are part of Euromonitor's Passport Consumer Healthcare database.
See All of Our DefinitionsThis report originates from Passport, our Tobacco research and analysis database.
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