Abstract
The COVID-19 pandemic does not seem to have done much damage to the tobacco industry. “Beyond disruption to supply chains, analysts believe the short-term impact of COVID-19 on the tobacco industry will be relatively limited”, states British American Tobacco (BAT) on their website. They add that “it is likely that key cigarette volumes were only slightly lower than expected in 2020”. Having started the year by worrying about reduced consumption and stock shortages occasioned by factory closures, by the end of 2020 the major tobacco firms were raising their sales and profit targets.
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