The huge increase in the usage of electronic cigarettes in the United Kindgom has been evidenced by consumer research project, The Smoking Toolkit Study, with their recent publishing demonstrating a clear correlation with outset market predictions. The study running since November 2006, has accumulated more than 150,000 respondents of whom more than 35,000 are ‘last-year smokers’.
Their results which acts as a very useful indicator of market growth showed that from May 2011 until August 2013, the increase of usage of electronic cigarettes exclusively as support in quit attempts has risen by over 30%, overtaking all other forms of quit support. This represents a dramatic upswing for such a fledgling product, and one competing as a smoking alternative rather than as a smoking cessation device. With consumers making the switch for a multitude of different reasons, from the ever-increasing costs of using tobacco, to health concerns, the electronic cigarette market seems to have found a clear market position as the alternative to tobacco.
The second interesting element of the study was the increasing usage of electronic cigarettes as a ‘Harm reducer.’ With just under 15% of respondents saying that as opposed to using an electronic cigarette exclusively, they are using them alongside tobacco. This upswing although less dramatic than with the previous graph, with only a 10% growth since March of 2012, when considered alongside the large amounts using E-cigarettes as a support in quit attempts, it leaves nearly 50% of the ‘smoking public’ using electronic cigarettes as opposed to tobacco – and this in our opinion is a very positive market change.
Alongside this interesting research, Bonnie Herzog, of Wells Fargo Securities published a follow up from the firm’s previous market predictions were she reiterated her previous claim that “Consumption of e-cigs may overtake traditional cigarettes in the next decade,” remarking that their market predictions remains “bullish”, and that their “e-cig thesis remains intact.”
Speaking at the FDLI conference, she further remarked that Wells Fargo Securities , “have further conviction the regulatory stars will ultimately align for e-cigs, continuing to propel the category.” This is very positive for the e-cigarette category and demonstrates that the bold market predictions are seemingly par for the course. Further when considered with the large switch to e-cigarettes shown by the Smoking toolkit study, it is a very exciting time to be part of this e-cig revolution.