L'aumento dell'accessibilità del vino porta a un significativo aumento del consumo, con conseguente perdita finanziaria sostanziale per il governo tailandese
Thailand's tax exemption on imported wine, introduced at the beginning of 2024, has sparked both economic growth and social concerns, according to a study conducted by Assoc Prof Dr Mana Laksamee-arunothai and Assoc Prof Dr Chidtawan Chanakul from Kasetsart University's Faculty of Economics.
The policy, which reduced customs duties from 54%-60% and excise taxes, has resulted in an estimated annual loss of nearly 600 million baht in government revenue. Consequently, imported wine consumption has significantly increased, particularly among high-income earners. Mid-range wines, priced between 3,001 and 5,000 baht, have experienced a drastic 300% surge within a year.
High-end wines have become over 10% cheaper, stimulating demand among the affluent, while cheaper wines have seen negligible price reductions. However, the growth in imports has primarily benefited foreign wine producers, with the value of wine imports increasing by over 10% compared to the previous year.
The social costs associated with increased wine consumption are substantial. Researchers estimate that the total expense stemming from increased wine consumption, including risks from accidents, domestic violence, and impacts on children and youth, amounts to over 10.3 billion baht annually.
This policy has generated public and political debate, with critics arguing that it favors the wealthy and contradicts fundamental economic principles. Senator Lae Dilokvidhyarat, in a recent public forum, voiced opposition to tax exemptions on luxury goods like wine due to the potential negative public health and social consequences.
Assoc Prof Dr Chidtawan also highlighted that alcohol consumption is a classic "externality," imposing unintended costs on society. She expressed concern that Thailand's government is contemplating more liberal alcohol advertising, despite its high per capita consumption and significant number of annual drunk driving deaths.
In essence, while the policy has stimulated market activity and benefited high-income consumers, it has also resulted in substantial losses for the government and raised significant public health and social concerns. This points to a complex decision for policymakers, balancing economic growth with societal well-being.
- The increase in imported wine consumption, especially among high-income earners, has opened up investment opportunities in the wine industry for both local and foreign businesses.
- The decrease in stock market volatility, partly due to the positive impacts of the wine policy, has attracted more personal-finance investors seeking wealth-management strategies.
- In the realm of education and self-development, there is a growing interest in understanding the economic implications of policy changes, as demonstrated by the surge in students enrolling in economics courses in Thai universities.
- The casino and gambling industry has shown mixed reactions to the wine policy, as some believe that the increased spending power of high-income consumers could potentially lead to increased gambling, while others stress that it remains a separate market with distinct regulatory frameworks.
- Sports organizations, noting the link between alcohol consumption and athlete performance, have initiated discussions on implementing stricter alcohol policies during major sporting events to ensure player well-being and fair competition.
- Meteorologists have brought up an interesting point: the correlation between extreme weather conditions and increased wine consumption, suggesting that in times of harsh weather, alcohol sales might spike as a coping mechanism.
- As weather patterns become more unpredictable, policymakers might need to consider the potential indirect consequences of their economic policies, like the tax exemption on imported wine, on public health and social issues, including increased alcohol consumption.
