In decades past, Big Tobacco made big money.
A high percentage of the population used tobacco daily, and cigarette sales were consistently high. But now – between regulations, health concerns, and the advent of vaping – Big Tobacco isn’t quite as big as it used to be.
In 1974, a survey of UK residents showed that 46% of people 16 and above were current smokers. That’s nearly half the adult population! Cigarette smoking has dramatically fallen to approximately 16% of the adult population over the past decade or so.
Many people looking to quit smoking were turning to vaping instead. As vaping gained popularity, Big Tobacco saw an opportunity. If they could take control of the vaping industry, they’d be in a much better position to retain customers, attract new ones, keep the policymakers on their side, and keep their bottom line going strong.