Tobacco Companies Cut Ad Spending
Tobacco companies are spending less on marketing cigarettes, with the bulk of the money going toward price discounts paid to retailers and wholesalers, the Federal Trade Commission reported Friday. The amount spent on cigarette advertising and promotion dropped 5% in 2010, to $8.05 billion. Spending is down 19% from 2008. The report covers Altria Group Inc., Commonwealth Brands Inc., Lorillard Inc., Reynolds American Inc. and Vector Group Ltd., comprising about 81% of their marketing dollars, or $6.49 billion.