Latest news with #EuromonitorInternational
The Citizen
a day ago
- Business
- The Citizen
Fake alcohol floods shelves as danger rises
Cheap fake alcohol is luring buyers and flooding shops. It's deadly, illegal, and costing South Africa R16.5 billion in lost excise taxes. Crime is enough to turn anyone to drink… but even trying to drown your sorrows you won't be safe, because 18% of the booze in South Africa is counterfeit. And, you're not just going to find it in holein-the-wall shebeens or backstreet taverns – some of it is also seeping into mainstream liquor outlets, according to researchers Euromonitor International, in partnership with the Drinks Federation SA. They revealed that the fake alcohol trade is worth more than R25 billion a year. The main victims are established brands, whose labelling is copied and placed on to containers of counterfeit drinks. The scale of the crime means the SA Revenue Service loses out on R16.5 billion in excise duty. ALSO READ: How you could be drinking counterfeit alcohol without knowing They say the bootleg business has increased 55% over the past seven years while the loss to the government has increased by 157%. One of the main attractions of the ersatz hooch is that it can be between 37% and 70% cheaper. South Africans hunt bargains like that all the time – but there are dangers. Not only could the hangover be greater from booze without quality control, but it might kill you.
The Citizen
2 days ago
- Business
- The Citizen
How you could be drinking counterfeit alcohol without knowing
A recent study has shown the illicit alcohol trade has increased by 55%, costing the South Africa roughly R25 billion in lost tax revenue. Illicit alcohol traders are making a fortune selling knock-off liquor to unsuspecting and desperate patrons. Euromonitor International, in partnership with Drinks Federation South Africa (DFSA), this week revealed the runaway popularity of the illicit alcohol trade. Between traders prioritising profits and consumers choosing cheaper options, the country is missing out on just over R10 billion, excluding Value-Added Tax (VAT), on untaxed spirits alone. Almost 20% of all alcohol Euromonitor's most recent study, conducted over the last six months, was presented to industry leaders virtually on Wednesday. To gauge how illicit alcohol was distributed and consumed, the global research firm surveyed the product's prevalence in retail and independent traders, as well as the habits and preferences of consumers. Through desk research, store visits and surveys across multiple geographic and income demographics, Euromonitor illustrated how the illicit trade makes up 18% of the country's overall alcohol market. This 18% amounts to the consumption of 773000 hectolitres — or 77 million litres a year— with an estimated price tag of R25 billion. 'This is largely driven by counterfeit and illicit brands. This is because counterfeiting and illicit brands target premium spirits such as whiskey, as well as premium vodkas and gins,' stated Euromonitor International Project Manager Benjamin Rideout. This translated into R16.5 billion in lost tax revenue, with South Africans' preference for white and dark spirits contributing to roughly R10 billion of the tax shortfall. 'If these drinks were taxed correctly and sold legitimately, this is what the tax value would be,' explained Rideout. Increasing fiscal loss Euromonitor stated that illicit traders were purchasing and manufacturing counterfeit labelling and packaging at an 'industrial scale'. While the main driver of lost tax revenue was counterfeit and illicit brands, which are replica and unbranded products, smuggling and tax leakage were the next highest causes. Smuggling of legitimate products is done via land, air or sea, while tax leakage was classified as compliant liquor that is intentionally misclassified or underdeclared. Having conducted the same study in 2017 and 2020, Rideout said the illicit alcohol trade in South Africa had grown in volume consumed by 55% in the last seven years. 'It has almost doubled in value terms, which is a function of inflation in general. Finally, the fiscal loss has increased by 157%,' Rideout said illicit alcohol was predominant in informal channels, but there was a growing trend of availability in retail and online sales. 'What this means is that the illicit market has established a distribution network, and we know this to be the case, particularly in Gauteng and KwaZulu-Natal. 'On average, illegal alcohol is 37% cheaper than legal alcohol per litre. In some cases, this discount can go as high as 70%, depending on the category and the brand,' he stated. 'Crime against the state' Euromonitor noted that the financial benefits to traders and buyers were given greater consideration than the potential health risks considered by either party. Convenor of the National Liquor Traders Council Lucky Ntimane said it was an outlets' responsibility to ensure they maintained high standards or risk ruining their reputations. 'We also know the catch of illicit alcohol is the price, so people don't really ask a lot of questions. The essence of illicit and counterfeit alcohol is that it is cheaper. 'However, a person who sells counterfeit, knowingly or unknowingly, they run the risk of their business not being supported,' Ntimane told The Citizen. Traders caught selling illicit alcohol can be subject to a fine of up to R500 000 or between one and three years in prison, depending on the volumes sold. Rideout stated that policing challenges included 'resource allocation and state capacity,' while Ntimane suggested a firmer hand needed to be taken with illegal traders. 'Because illicit and counterfeit alcohol robs the state of an income, maybe it should be classified as a crime against the state. In that way, the government can clamp down hard on these unscrupulous dealers, but also harsher sentences can be meted out,' concluded Ntimane. NOW READ: Budget speech: Here's how much more you'll have to pay for alcohol and cigarettes
CNBC
3 days ago
- Business
- CNBC
European markets are set to open higher ahead of flash inflation data
London was the No. 2 most-visited city in the world for 2023, according to Euromonitor International. Karl Hendon | Moment | Getty Images Good morning from London, welcome to CNBC's live blog covering all the action in European financial markets, as well as business news, analysis, earnings and data. Futures data from IG on Tuesday morning suggests London's FTSE will open 6 points higher at 8,787, Germany's DAX 42 points higher at 23,984, France's CAC 40 up 6 points at 7,741 and Italy's FTSE MIB up 106 points at 40,073. The specter of U.S. tariffs has returned to the fore for markets this week, after President Donald Trump said Friday that he will double tariffs on steel imports from 25% to 50% on June 4. Investors will also be monitoring any developments in trade talks between the U.S. and China, which soured last week. National Economic Council Director Kevin Hassett suggested Sunday that Trump and China's President Xi Jinping could have a conversation as soon as this week — Holly Ellyatt A cafe bar near the Eiffel Tower on Oct. 5, 2020, in Paris, France. Kiran Ridley | Getty Images News | Getty Images Investors in Europe will be keeping a close eye on the latest inflation data from the euro zone. Flash data from the single currency area is expected to show inflation cooled toward 2% in May, paving the way for the European Central Bank to deliver a widely expected 25 basis point rate cut at its next meeting on Thursday. Euro zone inflation was unchanged at 2.2% in April, missing expectations for a move lower. — Holly Ellyatt Traders work on the floor of the New York Stock Exchange on June 2, 2025. NYSE U.S. stock futures slipped on Tuesday morning after the major averages began June's trading on a positive note. In the regular session, the S&P 500 climbed 0.41%. The Nasdaq Composite advanced 0.67%, and the Dow added 35.41 points, or 0.08%. Stocks ended Monday higher despite rising tensions between China and the United States, with Beijing countering President Donald Trump's accusations that it had violated a temporary trade agreement. Investors had grown hopeful that the two countries could work out a trade deal, but this latest development points to negotiations taking a turn for the worse. Meanwhile, Asia-Pacific markets mostly rose overnight after China's manufacturing activity in May shrank at the fastest pace since September 2022, a private survey showed. The Caixin/S&P Global manufacturing purchasing managers' index came in at 48.3, missing Reuters' median estimate of 50.6 and dropping sharply from 50.4 in April, as a sharper decline in new export orders highlighted the impact of prohibitive U.S. tariffs. — Holly Ellyatt, Amala Balakrishner and Lisa Kailai Han
Yahoo
29-05-2025
- Business
- Yahoo
Unleashing Adventure: VistaJet Reports Rising Demand in Pet Travel and Reveals the Must-Visit Destinations for this Summer
202505_EN_VistaJet_SummerPet_HERO For Immediate ReleaseLink for high resolution images. Unleashing Adventure: VistaJet Reports Rising Demand in Pet Travel and Reveals the Must-Visit Destinations for this Summer Hong Kong / Singapore, May 29, 2025 – This summer, travelers may fully embrace holiday adventures alongside their beloved pets. VistaJet, the world's first and only global private aviation company, has witnessed growing demand for pet-friendly summer travel and a 17% increase of flight traffic in 2024. Top destinations for VistaJet flights traveling with pets included London, New York, and Nice. Through VistaJet's comprehensive pet travel program, VistaPet, all travellers – whether human or animal – are ensured to enjoy unparalleled comfort and care at 45,000 feet from simplified flying solutions to customized private dining, in-flight entertainment and more. Beyond safe and stress-free flights, VistaJet continually supports Members through a curation of pet-friendly travel destinations that are meticulously hand-picked for the ultimate summer getaway. 'VistaJet understands that pets are an integral part of the family, so it is only natural that they should be beside us to share precious moments together. With a team of over 4,000 aviation experts who pay close attention to every detail, we are committed to making travel dreams come true.' - Matteo Atti, Chief Marketing Officer at VistaJet VistaPet as a Tailored Travel Solution According to Euromonitor International, the estimated value of Asia Pacific's pet care industry in 2024 was USD29 billion and projected to grow at the highest compound annual rate of 4% from 2024-2029, almost double North America (2.5%) and Western Europe (2.1%). This significant growth potential underlines why offering solutions to care for animals is increasingly important. Since 2019, VistaPet responded to the unique needs and challenges faced when traveling with animals, through solutions designed in collaboration with experienced veterinary practitioners, coaches, dieticians, and groomers. The VistaPet program includes: VistaPet Pochette – a travel bag on board every flight containing bio-organic animal treats, water-free shampoos, soothing wipes and toys to keep companions entertained throughout the flight. Private Dining – Members can request a dedicated balanced menu to keep pets hydrated and healthy with a menu of fresh meat and fish or raw vegetables and whole grain brown rice. Fear of Flying courses – in partnership with The Dog House at selected locations to ensure flying with a scared pet may transform into a seamless journey. Based on VistaJet's data, dogs have emerged as the predominant type of pet passenger consecutively in 2024 and 2023. In contrast, the most distinctive passengers welcomed on board included the blue-tongued skink and Sulcata tortoise, both of whom have demonstrated notable enjoyment during flights. 'We were proud to assist a family travelling with their two elderly Great Dane dogs, a cat, and a large Sulcata tortoise in a flight. To ensure the comfort of all animals, particularly the tortoise, the heated floors were activated in the cabin to mimic its natural habitat, providing peace of mind to the owners.' - Matteo Atti adds. 'Paws' and Relax: VistaJet's Curation of Pet-Friendly Adventures VistaJet's Private World includes a collection of selected pet-friendly properties around the globe, to ensure traveling with pets is seamless, even at destination. Members can gain access to the most exclusive establishments through its global network of partners, encompassing 600 partners across 35 categories – from properties to yachting services, art to automobiles, and more. Premier Relaxation from London to the French Riviera Emerging as the top destination for VistaPet flights in 2024, London is a beautiful blend of heritage and modernity within arms' reach for discerning pet owners. As a Private World partner, hotel group Maybourne facilitates effortless travel with pets across iconic establishments such as Claridge's and The Connaught, where four-legged friends are treated like royalty. From plush pet beds to world-class dining and custom-made pet treats, every detail is thoughtfully curated for the most luxurious stay. Beyond the charming allure of London, The Maybourne Riviera stands out from the rocky peninsula of Roquebrune-Cap-Martin as a bright, modernist jewel in France, set against a seemingly endless blue sea of the Côte d'Azur. Members may craft lasting memories with loved ones, including pets, through a variety of complimentary experiences such as sunrise yoga, guided food tours, and curated explorations of the hidden treasures in Roquebrune village. Tropical Bliss with Four Seasons Hawaii Collection From world-class golf courses to white sand beaches and serene spas, Private World partner Four Seasons Hawaii Collection serves as an idyllic destination with multiple pet-friendly resorts across Maui, Hualalai, and Lanai. Surrounded by the serene Pacific Ocean, the breathtaking Hawaiian Islands provide a tranquil retreat for every taste with pristine beaches to lush bamboo forest trails where pets are embraced as part of the family. Travelers can also indulge in personalized activity packages such as exploring the quaint town of Hana, lava field hikes, and rainforest birdwatching tours. With guaranteed access to VistaJet's global fleet, Members can travel to the ultimate summer vacation. Offering unbeatable global connectivity, the iconic Global 7500 is the largest and longest-range business jet each boasting four separate living spaces, including an entertainment room and permanent stateroom. Flying up to 17 hours non-stop, VistaJet offers the world's largest fleet of Global 7500 with 18 aircraft ready to fly anytime, anywhere. -ENDS- Information VistaJet | press@ About VistaJet VistaJet is part of Vista — the world's leading global business aviation company. Innovating the industry for over 20 years, Vista's mission is to provide the most advanced flying services at the very best value, anytime, anywhere around the world. VistaJet has flown corporations, governments and private clients to over 200 countries and territories on the Vista Members' fleet of iconic silver and red business jets, which includes the largest fleet of Global 7500s. Offering the best aircraft in each cabin class, clients can choose the most efficient option for every trip. With a dedicated Client Services and Cabin team available 24/7, clients enjoy a fully personalized flight with seamless continuity from the ground to the air. Every VistaJet flight has at least one Cabin Host as well as two pilots in the flight deck to provide optimal safety and comfort on board. VistaJet Program Members have guaranteed access to the Vista Members' fleet while paying only for the hours they fly — a smart alternative to ownership and fractional VistaJet information and news at VistaJet Limited is a European air carrier that operates 9H registered aircraft under its Maltese Air Operator Certificate No. MT-17. VistaJet US Inc. is an air charter broker that does not operate aircraft. VistaJet-owned and U.S.-registered aircraft are operated by properly licensed U.S. direct air carriers, including XOJET Aviation LLC (DBA Vista America), JetSelect LLC (DBA Vista America), Western Air Charter Inc (DBA Vista America), and Red Wing Aeroplane LLC (DBA Vista America). Attachments 202505_EN_VistaJet_SummerPet_PressRelease_FINAL 202505_EN_VistaJet_SummerPet_HEROError in retrieving data Sign in to access your portfolio Error in retrieving data
Hi Dubai
21-05-2025
- Business
- Hi Dubai
EZDUBAI: UAE E-Commerce Market Continues to Grow, Reaches AED 32.3 billion in 2024
UAE's total e-commerce market is expected to exceed AED 50.6 billion by 2029. MENA's e-commerce market estimated at AED 126.7 billion in 2024. UAE's e-commerce industry to grow at a CAGR of 9.4% from 2024 to 2029 EZDubai, the fully dedicated e-commerce zone in Dubai South, has released the fifth edition of its 'E-Commerce Report in the MENA Region 2024' in collaboration with Euromonitor International, the world's leading provider for global business intelligence, market analysis and consumer insights. The report reveals that the UAE's e-commerce market reached AED 32.3 billion (USD 8.8 billion) in 2024 and is projected to surpass AED 50.6 billion (USD 13.8 billion) by 2029. The UAE's e-commerce sector continues to expand, driven by a tech-savvy, youthful population with a strong preference for online shopping, alongside advanced infrastructure, widespread internet access, and efficient delivery services. In 2024, the top three product categories by value were apparel and footwear, consumer electronics, and home care. According to Euromonitor's Digital Consumer Survey, credit and debit cards remain the most used payment method in the UAE. However, digital wallet usage has grown significantly, from 41% in 2020 to 53% in 2024. Additionally, alternative payment options such as Buy Now, Pay Later are gaining popularity, increasing both conversion rates and average basket values—highlighting consumer confidence in flexible payment solutions. Free delivery and free returns are powerful drivers of e-commerce in the UAE, with retailers strategically balancing these offerings to enhance customer satisfaction while carefully managing logistics to minimise their impact on profitability. Regionally, the MENA e-commerce market reached AED 126.7 billion (USD 34.5 billion) in 2024, recording a 13% year-on-year growth. This surge was fueled by the rise of mobile commerce and cross-border transactions. By 2029, the market is expected to reach AED 212.2 billion (USD 57.8 billion). Growth across the region, particularly in the UAE and Saudi Arabia, is supported by infrastructure investments, government-backed digital initiatives, and a highly connected consumer base. Food, beverages, and home care products saw significant growth between 2019 and 2024, a trend expected to extend to other categories. The expansion of cross-border e-commerce in MENA is also being driven by increasing demand for international products, improved logistics and payment platforms, and more efficient customs processes. In his comments, Mohsen Ahmad, CEO of Logistics District, Dubai South said: The e-commerce sector in the UAE is evolving rapidly, and EZDubai is proud to be at the forefront of this transformation. By offering world-class infrastructure and seamless connectivity, we are enabling global and regional players to thrive and scale. This growth is also being fueled by the UAE government's forward-thinking policies, smart regulations, and sustained investments in digital transformation, logistics, and infrastructure. As a result, the UAE is not only reinforcing its position as a leading e-commerce hub in the MENA region, but also emerging as a competitive global player shaping the future of digital commerce. EZDubai was designed to attract leading e-commerce companies and create a benchmark with its infrastructure. The e-commerce zone, launched in January 2019 by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, is strategically located in the heart of the Logistics District of Dubai South. For further insights, please download the full report via the following link. News Source: Cicero & Bernay
