Report: Price a Major Factor for 2023 Vape Sales
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A new Philip Morris Limited (PML) funded study has found that UK retailers can expect “affordability” to be the deciding factor for adult smokers trying to make the switch to vaping products in 2023.
In its third consecutive year of running the survey for PML, KAM Media asked 250 UK convenience stores what factors they believe will be important for adult smokers switching to smoke-free alternatives at the start of the new year and throughout 2023, according to Better Retailing.
When asked what customers will look for when choosing a smoke-free alternative, retailers prioritized price with over half (57 percent) agreeing that customers would select the cheapest products available, followed by those products offering the best overall value for money (18 percent).
Smoke-free alternatives that offered the widest taste range available (10 percent) and those offering convenience and ease (5 percent) ranked third and fourth, respectively.
Asked what may prevent smokers from choosing a smoke-free product this year, price again was a factor with six in 10 retailers concerned that alternatives may be too expensive.
Additionally, 56 percent said that they stock heat-not-burn products.
Kate O’Dowd, head of commercial planning at PML in the UK and Ireland, said that the average price of combustible cigarettes now £12.73 per pack and data shows that retailers are stocking a range of smoke-free alternatives that are affordable.
“2023 will be the year of the multi-category, whereby retailers should offer affordable smoke-free choices that don’t compromise on taste, quality, or satisfaction for the user,” she said.
