What is okay in Germany may be illegal elsewhere
And the reason for this is that BAT is historically strongest in Europe in the value for money and the low segments of combustibles, which make the size of the prize for BAT particularly high to convert combustibles consumers to smokeless offers. Looking at the entire world, in three years BAT has turned the new category business from unprofitable to break-even: And now, as Soraya Benchikh, CFO, points out, the new categories business is profitable: And by H1 2024, new category contribution had already reached 8%, as we announced in our first half results. Unsurprisingly, she can say: The transformation is working. Because: New Categories are more than offsetting the decline in combustibles and they are further driving superior profit growth
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Smoking often feels like a steeper climb and a more recognizable peak
Harm perceptions are varied between age groups, with younger people having a better understanding of the relative risk vs adult smokers, of whom over a third surveyed in 2021 felt vaping was as, or more harmful than smoking
