Table 3.

Tax and retail price dynamics of RELX Phantom series pre- and post-excise implementation, China, October 2022 – July 2023

			Device	Cartridge
Tax per unit (RMB)	Tax amount pre-excise implementation		34.53	4.25
	Post-excise implementation	Tax amount	184.69	23.36
		Δ tax amount	150.16	19.11
		% of the change in tax	434.87	449.65
Retail price per unit (RMB)	Retail price pre-excise implementation		268	33
	Complete pass-through scenario	Retail price	418.16	52.11
		Δ price compared to pre-excise implementation	150.16	19.11
		% of the price change compared to pre-excise implementation	56.03	57.91
	Razor blade model scenario (based on Nov. 2022 price data)	Retail price	357.83	55
		Δ price compared to pre-excise implementation	89.83	22
		% of the price change compared to pre-excise implementation	33.52	66.67
		Δ price compared with complete pass-through scenario	-60.32	2.89
		% of the change in price compared with complete pass-through scenario	-14.43	5.55
	Comprehensive under-shifting scenario (based on July 2023 price data)	Retail prices	278	39.67
		Δ price compared to pre-excise implementation	10	6.67
		% of the change in price compared to pre-excise implementation	3.73	20.21
		Δ price compared with complete pass-through scenario	-140.15	-12.44
		% of the change in price compared with complete pass-through scenario	-33.52	-23.87