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Alcohol bans cost liquor industry more than R36 billion in lost sales - study
The government lifted South Africa's third ban on alcohol sales this month, but the damage to the economy can't be undone.
The liquor industry has reported R36.3 billion in lost revenue due to the prohibition.
Tax revenue loss (excluding excise) amounts to R29.3 billion (2.3% of tax revenue).
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The figures are contained in a report prepared by FTI Consulting on behalf of the alcohol industry.
It puts South Africa's annualised GDP loss due to the booze bans at R51.9bn (1% of total GDP measured at market prices).
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Ray White interviews Kurt Moore, CEO of the South African Liquor Brand Owners Association (Salba).
It's an econometric model... Where possible, the economists relied on actual, observed data... Throughout the report they talk about potential losses, but the numbers are astronomical.
Kurt Moore, CEO - SA Liquor Brand Owners Association
They took 2019 sales because that's the last full year of sales... and used various metrics to come up with these scores.
Kurt Moore, CEO - SA Liquor Brand Owners Association
The report estimates that there's about 1.1 billion litres lost, which is about 24% of the annual sales. We lost about 30% of our sales opportunities during 2020.
Kurt Moore, CEO - SA Liquor Brand Owners Association
The tax man, just on excise, has lost R8.7 billion, which is about 21% of excise revenue.
Kurt Moore, CEO - SA Liquor Brand Owners Association
The industry understands that it's a government's priority to relieve pressure on hospitals and save lives, Moore says.
However, they believe the regulations could have been implemented in a more targeted and less damaging manner.
We believe the risk-adjusted strategy should perhaps be applied at a provincial or even district level. There's no need to go to a national level.
Kurt Moore, CEO - SA Liquor Brand Owners Association
And [government should] engage with the industry to find ways to mitigate these adverse consequences that come from a national ban.
Kurt Moore, CEO - SA Liquor Brand Owners Association
Listen to Moore's argument on behalf of the liquor industry below:
This article first appeared on CapeTalk : Alcohol bans cost liquor industry more than R36 billion in lost sales - study
Copyright : https://www.123rf.com/license.php#standardSource : https://www.123rf.com/photo_55122233_bucharest-romania-march-26-2016-several-types-of-bottled-alcohol-are-displayed-on-some-shelves-in-a-.html
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