The sales of electronic cigarettes are on the move, ever-increasing as the industry explodes in popularity and demand. While traditional cigarettes have always been a source of controversy, as they are known to have devastating, often deadly long-term effects, their sales and profitability, as well as how high they are taxed, have enabled them to stay in business regardless.
So, as the sales of tobacco cigarettes decline, both due to users switching to e-cigarettes and from people being less inclined to smoke cigarettes in general because of the awareness of their dangers, electronic cigarettes are prospering, profits are skyrocketing.
So are electronic cigarettes good for the economy? With their rapid growth, yes they are in several ways.
This year, electronic cigarettes and accompanying products are slated to become a $2 billion industry. Every year since the products hit the market less than a decade ago in the US, the industry has seen explosive growth, and that alone would be an obvious indication that e-cigarettes are positively contributing to the growth of the economy. Predictions, however, place even greater growth on this market, and within the next 3 years it is expected to be raking in over $10 billion annually.
E-cigarettes have also contributed to economic growth by aiding in recovery with so many added jobs in an innovative industry. Many e-cigarette retail businesses are small, and because it is a growing niche market, the individual owners are doing very well and being able to add jobs in their respective communities is a great benefit to the bigger picture. As this industry is ever-evolving and driven by advancing technology, there will be many more opportunities for growth in a great variety of different areas as it grows.
To employers and business owners, workers who do not use tobacco are statistically more productive and miss less work due to tobacco-related illnesses, and this equates to more money made as a result of having more able workers; also an indirect but positive contribution to economic rebuilding.
Overall, electronic cigarettes are having a very good effect on the economy. Smokers are switching all the time, and business are growing. Jobs are being added to the economy regularly and products are selling. It’s a great time to be involved with tobacco alternatives!