Monday, February 23 2009
By Jeff Franks (
Reuters UK)
HAVANA (Reuters) - Sales of Cuban cigars, considered the finest in the world, dropped 3 percent to $390 million in 2008 as the world financial crisis and the spread of anti-smoking laws cut demand, officials said on Monday.
The falling sales reflected a decline in the market for luxury products in general as global economic worries mounted, said Manuel Garcia, vice president of Habanos S.A., the worldwide distributor of Cuban cigars.
Speaking at a press conference kicking off Cuba's annual cigar festival, he said 2009 was likely to be a "very complicated" year, but Habanos expected to maintain sales at around the 2008 level.
Cuban cigar sales drop amid global crisis continues...