Big Tobacco Raking In The Dough Despite Fewer Smokers, More Regulation
Cigarette makers have found they can more than make up for falling volumes with higher prices.
The Wall Street Journal:
Against All Odds, The U.S. Tobacco Industry Is Rolling In Money
It’s a great time to be a cigarette company again. Far fewer Americans are smoking, and yet U.S. tobacco revenue is soaring, thanks to years of steady price hikes. Americans spent more at retail stores on cigarettes in 2016 than they did on soda and beer combined, according to independent market-research firm Euromonitor International. Consolidation and cost cutting are boosting profit. Big Tobacco shares are on a roll. (Maloney and Chaudhuri, 4/23)
