[THE INVESTOR] Cigarette sales for the first half of 2016 have risen 14 percent compared to the same period last year, coming back from a sharp drop early last year due to a price hike, according to data Wednesday.
According to research firm Nielson, over 35.3 billion cigarettes were sold in the first half of the year compared to 31 billion in 2015.
This year‘s sales are still significantly lower than the 40 billion cigarettes sold in the first half of 2014 before the government’s increase of the excise tax. However, at this rate it seems that sales will be able to return to previous levels.
In January 2015, the government raised excise taxes on cigarettes, nearly doubling the average price from 2,500 won per pack to 4,500 won per pack.
The government has announced additional anti-smoking measures such as graphic warning labels to come this year.
