The vape market is growing at an incredible rate and gaining popularity all around the world. The reason why people choose to vape depends on different factors such as their age group, country and region, profession and lifestyle, and many more. However, one thing seems to be sure, the e-cigarette market will continue to grow. The innovative products are believed to be the main reason that contributes to the increase in sales of vape products. Secondly, e-cigarettes are perceived to be an effective way to quit smoking for good, and therefore people switch to vaping as it is seen as less toxic and helps avoid second-hand smoking effects. Furthermore, the wide range of vape juices entering the market satisfy the constant changes of customers’ demands, which is another reason why people opt for vaping; thereby stimulating the increase of the e-cigarette market globally.
According to experts’ forecast, the industry will continue to increase globally in the coming years. They even predict that in a decade’s time it will even surpass tobacco sales. Maybe this is another reason why traditional tobacco manufacturing companies are also entering in the e-cigarette market. However, when analyzing the vaping market – products, pricing, regulations, market channels, and brands – should also be taken into consideration in planning and targeting different customer groups in an ever-evolving market.
As the reasons why people choose to vape are different, so are their characteristics. In order to be able to come up with ideas on how to target the customer groups, we should first see the characteristics of the current customers who are vaping.
The latest market research by Vaping Mentors – Market Trends in the Vape Space, the Business of Vaping – has divided the vaping customer groups into three categories, according to their generations: Generation Y (or Millennials), Generation X, and Baby Boomers. The highest number of vapers is among Millennials who make up almost 60% of the market, followed by Generation X and Baby Boomers with 30% and 10% respectively.
According to the same study, the Millennials are going to continue to dominate the vaping market in the future, comprising 50% of the market share. Even though the vaping trend among the Baby Boomers is projected to be increased by 10%, it is assumed that Generation X and Boomers do not have the patience, sharpness, or curiosity to get heavily into the vaping journey.
How to target them
As seen from the market share structure, to successfully target each consumer group the best strategy would be Generations Marketing. Each generation has unique expectations, experiences, lifestyles and values that influence their buying behaviors; and of course different reasons why they opt for vaping. Therefore, understanding their demands is crucial when formulating the market strategies and how to get to them, because you cannot have a fit-all strategy.
They were born from 1946 to 1964, during the era of an increasing number of birth rates right after World War Two. Studies show that Baby Boomers are very attached to their careers but they also value self-expression and individualization and are in general very optimistic. They also tend to pay attention to their health and wellness as they are in the 55 – 75 age range as of 2019. In addition, they are very accustomed to the internet, and in terms of communication they value succinct conversations that get right to the main point. Since health is their main concern, the main reason why they vape is that they see vaping as an aid to help them give up smoking. Similarly, as they want quick fixes that require little change and instant improvement in their lives, vaping is a great choice for their lifestyle and health. Therefore, when targeting this category of consumers, the main message should be concise and also provide the benefits of vaping as a healthier alternative.
They were born from 1965 until the early 1980s and are in their mid-thirties to 54 age range as of 2019. Sociologists categorize them as people who are accustomed to multiculturalism as well as globalization; they value the family and have experienced the rise and impact of the computer in their lives. In terms of communication, they tend to prefer extensive information before making decisions. Studies have shown that the main reason why they opt for vaping is to protect their kids and family from second-hand smoking. In targeting this consumer group it is very important to show them, in an informative way, that e-cigarettes are less toxic and produce vapour instead of smoke, thus making vaping a great alternative to avoid second-hand smoking.
Generation Y – or the Millennials – were born from the mid-1980s until mid-1990s and are in their early 20s until mid 30s age range as of 2019. They were born into a technological, electronic, and wireless society with no global boundaries; thereby it makes them well grounded and wise for their age as well as always looking for innovation, entertainment, and customization. They associate vaping with innovation, fun, and entertainment. The huge range of flavours to choose from as well as the ability to fine-tune their vaping experience according to their preferences, are the main reasons why Millennials vape. In addition, studies have shown that Millennials do not consider traditional e-cigarettes as cool as boxmods; hence they are not as popular due to the lack of variety and novelty. The best way to get to them is through innovation and technology as they are very image-driven people and attracted to novelty.
In conclusion, different people choose to vape for different reasons. At the same time, the e-cigarettes market is believed to grow in the coming years. When targeting your consumer groups it is very important to understand their characteristics and demands as well as the market itself. Therefore, knowing why different generations have decided to vape, and how to get to them, not only will make your marketing strategy more effective but you will also be able to fulfill your customers’ changing demands.