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Friday, April 19, 2024

3 Reasons Why the Cigar Industry Continues to Flourish

The cigar industry has been successful over centuries and continues to flourish even in the contemporary world. Current data dictates an estimated market size of USD 53.64 billion and an expected market rise of USD 88.28 billion by 2029, implying an over 10% growth in the next 5 years. The reasons behind this continued success include the below.

1- Seen as a Symbol of Luxury and Sophistication

Most consumers globally consider the product to be more inclined toward opulent lifestyles and this makes the product very popular. The ever-growing disposable income among individuals more so in developed countries, coupled with the increased demand for premium products has contributed to the consideration for cigar consumption, promoting its growth.

Cigars are a bit higher in price which makes people feel like when they consume the product, they can be classified to be rich and even more respected. Last year, data showed that millennials were major consumers of the products. This generation considers the product a treat and expresses their joy when they smoke premium cigars.

2- Revolution in the Distribution of Cigars

Current cigar market trends have focused on distributing the product closer to the consumer making the product more popular. Veterans in the cigar industry have realized that the cigar market can exponentially grow by bringing the product closer to the customer. They have now focused on making products available to offline retail stores, which include supermarkets, convenience stores, selected clubs, and hypermarkets.

These stores have been placed close to homes and workplaces to make the product more accessible to target consumers. Supermarkets have also made the product more popular as target consumers can easily access it as they shop for other products. Cigars are also now popular in lounges and in entertainment events to encourage more consumption.

3- Increased Depression and Stress Among Populations

People globally are increasingly getting depressed due to work, family, and education issues. To relieve themselves from the stressful environment they opt to smoke cigars to find comfort. Statistics show that people with mental issues such as anxiety, depression, or schizophrenia are more likely to smoke compared to the general population. Although the product is a temporary form of stress reliever, smokers love it as it allows them to be in a world of fantasy when they are faced with difficult situations. More stress in the population with an option to take cigars implies more people are willing to take the drug making the product even more popular.

From this discussion, we should expect the cigar industry to be even more popular in the coming years. People will continue to view this product as a source of pride and sense of luxury and value. Also, as people get more depressed and income levels go up exponentially, more people will consume cigars contributing to an ever-expanding cigar industry. To keep related ever-relevant marketers in the industry, they must continuously learn to adapt to the ever-changing environment. This will ensure that they always deliver what the customer wants and thus be successful in the long run.

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