While many considered vaping a passing trend, the industry has proven to be sturdy and has spread to every corner of the globe. The e-cig market exploded in the past few years. Based on estimates provided by Statista, online sales have exceeded 650 Million dollars in the global vaping marketplace. In the USA, where one out of every five Americans smoke, e-cigarettes represent a 2.35 Billion dollar industry.
LendEDU, an online loan comparison tool, focused on the spending habits of the vaping population. To perform this study, a total of 1000 participants were selected. First, the American company came up with an average purchasing price for vaping devices. The middle-of-the-line cost of an e-cig turned out to be 80.20$.
The other side of the study focused on the monthly usage costs for vaping products. After all responses were compiled, the median monthly cost was 60.76$ in consumables. Each user made an average of 9.29 purchases per month, with an average shopping cart total of 6.54$.
Major savings thanks to vaping
LendEDU wanted to determine the impact of vaping in financial terms, to figure out how much money a vaper would save compared to their budget for cigarettes, cigars, and smoking consumables. The 1000 participants opened up regarding how much money they saved by switching from combustion to electronic cigarettes, and how they felt about their financial decision to switch.
The results are conclusive. Only 9,4% of people questioned on the subject thought they were spending more money on vaping products. 19.6% said they saw no observable difference, but 71 % of those surveyed stated they were making significant savings. On average, the saved amounts totalled 118.05$ per month, or 1416.60$ per year.
Furthermore, the e-cig budget was further reduced over time as vapers became more knowledgeable about the technology and devices available. Purchasing reusable vaping devices, refillable tanks, and DIY juices helped them save even more. Many studies have proved that vaping is less harmful to health than smoked tobacco, but this research points to another huge advantage: electronic cigarettes are also much cheaper than their toxic counterparts.