Cigars seem to be the latest object of desire for the growing number of wealthy Chinese, according to Habanos, Cuba’s premium cigar distributor. The company said this week that China has now replaced Germany as the world’s third biggest cigar importer.
It’s the latest example of several things: the growth of conspicuous consumption in China; the Chinese interest in foreign luxury brands; and the importance of Chinese growth to foreign manufacturers, which need it to offset the effects of weakening demand in the developed world.
Javier Terres, Habanos vice president, told reporters in Havana, the Cuban capital, that cigar sales in the developed world had slumped due to anti-smoking laws.
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