Tobacco Industry
Nicotine Resilience: How Big Tobacco’s ‘Affordability Play’ is Shielding Margins Amid Economic Turbulence
As of December 22, 2025, the tobacco sector has once again proven its mettle as the ultimate defensive play in a market defined by persistent inflation and consumer spending fatigue. Despite a decade-long secular decline in smoking rates and a significant drop in combustible cigarette volumes throughout the year, the