Habanos SA representatives reported that last year the revenue from global sales of Cuban cigars increased by 12% and reached USD $500 million. Such a figure was achieved due to the increased demand for cigars in China.
The company stated that China – the third largest market for Cuban cigars after Spain and France – grew by 33% over the year. The company’s vice president for development, Mr. Lopez, said that China has the potential to ‘become a global leader’ of cigar consumption.
According to a research made by Bain & Co, the cigar market is expanding faster than the general luxury market and has grown by 5% over the previous year.