The Centre for Economics and Business Research (CEBR), one of the UK’s leading economic consultancies, has been appointed by the UKVIA to undertake the most comprehensive assessment to date of the vaping industry’s contribution to the British economy.
Over the next few months CEBR’s economic impact analysis will collate data regarding the vaping industry’s direct contribution to the economy in terms of GVA, turnover and employment as well as the sector’s indirect and induced impact arising from the wider supply chain and the earnings generated for and spent by the industry’s employees. It will also look at the sector’s fiscal contribution to the UK Exchequer as well as the value to the NHS through reducing the cost burden associated with the treatment of smoking conditions.
The report’s findings, which will be unveiled at the UKVIA’s annual Industry Forum later in the year, will be used to support engagement with public policy makers, other key stakeholders such as the NHS and the media.
Said John Dunne, Director General of the UKVIA: “Our report is long overdue and will become the sector’s economic barometer and something that is much needed to provide indisputable evidence of the significant contribution the industry makes to UK plc. It’s ideal timing for the publication of an economic impact report for the UK vaping industry with a review of vaping regulations currently being undertaken in England and Scotland. It will also support our drive to highlight how vaping can support the levelling up agenda by providing geographical data in areas of deprivation, high unemployment and smoking prevalence.
“This represents one of the UKVIA’s single biggest investments and it’s great to see all our 78 members equally supporting this report through the funds raised from membership fees.”
Added Owen Good, Head of Economic Advisory, at CEBR: “We are delighted to be producing the UK industry’s first economic impact report and it builds on previous work we have undertaken in the vaping sector as well as research for other trade and health bodies such as Maritime UK and the Alzheimer’s Society. We look forward to revealing the industry’s true impact through our research.”
CEBR’s research spans the globe. It produced the award-winning Arcadis Sustainable Cities Index and Lloyds of London Global Underinsurance Report. The consultancy’s annual World Economic League Table garners thousands of media hits every year. Previously, the company has conducted an analysis on the spread of the vaping industry across the UK for Philip Morris International and its potential as a replacement to smoking. This report involved an analysis of the increase in vape shops and the significance this has had on the UK high street since 2010.