This report offers a detailed examination of the regulatory framework in place in Latvia for e-cigarettes, covering all policy areas from taxation and notification to advertising and public usage ...
This report will analyse the current state of the German e-cigarette market and how it has changed in the last 12 months, covering everything from vaping population to e-liquids and...
This report provides detailed analysis of the current regulatory framework in place for e-cigarettes in the Netherlands, covering all policy areas from taxation to notification requirements and advertising restrictions ...
Perception is often at least as important as reality in forming policy-makers’ and the public’s opinion where novel nicotine products are concerned, but there’s a persistent problem with terminology ...
This report aims to briefly analyse the most important legal developments of 2023 related to the EU sustainability proposals that are most likely to impact the e-cigarette sector ...
“Disposables” was the word in vaping in 2023: although they had been building steam prior to this year, it was 2023 that saw multiple elements reach a crescendo ...
Smoore, a Chinese vaping technology company, has said it will not work with brands that use flavour names, packaging or product designs that could be construed as attractive to children...
This report offers a detailed up-to-date overview of the current regulatory framework for e-cigs and related product in Italy, covering all policy areas from taxation and advertising to product and...
Belgium has introduced an e-liquid excise duty that will come into force on 1st January 2024. It will target all nicotine-containing and nicotine-free e-liquids, irrespective of whether intended for use in...
While no industry, from aviation to mining, farming to fishing, can pretend to be uninvolved in the major growing issue of the environment, the e-cigarette industry is just as inescapably...
This report provides a detailed overview of the regulatory framework currently in place in Belgium for e-cigarettes, covering all policy areas from product and packaging restrictions, to advertising and taxation...
Bulgaria is among the EU countries with the lowest regulatory burden. This report provides a comprehensive overview of e-cigarettes in Bulgaria, covering all policy areas ...
This report provides a detailed overview of the current regulatory framework in place in the Netherlands for e-cigarettes, as well as the possible future changes to the regime ...
This report offers a comprehensive overview of the current regulatory framework in place in Latvia for e-cigarettes and related products, covering all policy areas ...
This report analyses the current state of the Polish e-cigarette market, how it has changed and what to expect, covering market sizes, vaping population, retail channels, e-liquids and hardware ...
Members of the Polish vaping industry are worried that proposed changes to the Excise Duty Act will not be enough to combat the black market and may make regulatory uncertainty...
Poland adopted the European Union’s Tobacco Products Directive (TPD) in 2016. The report will review the product list published on 1st September 2022, with some references to previous years where...
This report offers a detailed up-to-date overview of the current regulatory framework for e-cigs and related product in Italy, covering all policy areas from taxation and advertising to product and...
All products derived from tobacco leaves are considered as tobacco products in South Korea. This report provides a comprehensive overview of all current and possible future regulation for e-cigarettes and...
This report will analyse the current state of the German e-cigarette market and how it has changed in the last 12 months, covering everything from vaping population to e-liquids and...
A growth in battery power and tank size among disposables headlines three main trends that have impacted the technical features of vape hardware kits sold by online retailers over the...
This report analyses the current state of the Italian vaping market, how it differs from other leading European markets, and how it has changed over the past year ...
A new range of e-liquids containing 30% water – said to be the highest ever – could be the biggest innovation since the introduction of nicotine salts, the company behind...
The new US federal legislation has brought synthetic nicotine products under the oversight of the FDA, so all synthetic nicotine products must go through a premarket tobacco product application (PMTA)...
The UK has more lenient e-cigarette restrictions compared with the rest of Europe. This report provides a detailed overview of the current regulatory framework for e-cigs and related products across...
The Czech Republic, which incorporated the EU Tobacco Products Directive (TPD) into its domestic legal system in 2017, presents a developed vape market that is projected to grow in the...
Synthetic nicotine vaping products will likely require the same authorisations as those made with tobacco-derived nicotine – leading to a massive shake-up of the US vaping market – after Congress...
This regulatory report provides a comprehensive overview of the current regulations in place for e-cigarettes in Croatia, covering aspects such as taxation, labelling and packaging, public usage and more ...
France is one of the biggest and most developed vape markets in the world, with e-cigarettes having first appeared there in 2005. This report considers the shape of that market...
Latvia transposed the EU Tobacco Products Directive (TPD) in 2016. Since then it has submitted new regulations and is working on further proposals including a flavour ban for e-cigarettes ...
The Tobacco and Related Products Act came into force on 20th May 2016, bringing the EU’s Tobacco Products Directive (TPD) framework into German law. This report provides an overview of the...
The Dutch government continues to implement all the anti-tobacco requirements of the National Prevention Agreement (NPA). This report details current and near future vaping regulations in the Netherlands ...
This report examines the Canadian e-cigarette market and makes predictions about how the consolidation of the regulatory framework may impact the market as a whole ...
Written by Fernanda Tucunduva | 12th November 2021
In Portugal nicotine-containing e-cigarettes are regulated in accord with the EU Tobacco Products Directive. Taxation is among the highest in Europe, advertising is banned and public usage is restricted ...
Following our more general report general market trends and patterns, this report analyses patterns of hardware and e-liquid usage among vapers in Italy ...
This substantially updated report offers a comprehensive overview of Belgium's regulatory framework for e-cigarettes, covering all aspects of the law and analysing both current and possible future regulation ...
This report provides an overview of the German vaping market, covering everything from market size, e-liquids and hardware, to factors such as EVALI and Covid-19 ...
This report details the regulatory framework for e-cigarette products in France, including age, product, packaging and advertising restrictions, public usage, notification requirements, taxation and sanctions ...
All products derived from tobacco leaves, and nicotine e-cigarette products, are considered as tobacco products in South Korea. This report offers an overview of the current regulatory regime for vaping...
This report looks at the UK online channel, with the aim of gauging changes in consumer preferences. This is done by studying the gradual evolution of products offered on the...
This report offers a thorough analysis of the current regulatory regime in Italy for e-cigarettes, covering all aspects of law from age and product restriction to packaging and labelling, and...
The Polish e-cigarette market is one of the most constrained by regulation in Europe. This report covers the current regime for vaping products, including the latest legal changes and the...
This report is one of a series based on an online survey carried out in France between June and August 2020 by ECigIntelligence, focusing specifically on e-liquid usage patterns ...
The Italian vaping market has been volatile in recent years due to internal and external factors – fast-changing regulatory and taxing environments, plus EVALI and Covid-19. This report takes a...
Research conducted by the regional government of Baden-Württemberg in Germany has found that 86% of vaping products inspected did not fully comply with existing labelling and packaging regulations ...
The Tobacco and Related Products Regulations 2016 transposed the EU Tobacco Products Directive (TPD) in the UK. It is expected to be reviewed in 2021. This report provides an overview...
Neither the EU nor the US has a common excise tax for vapour propducts or a common framework that applies throughout all jurisdictions. This report examines how policies and revenues...
This report offers a comprehensive overview of the regulatory regime in Lithuania, including all current regulations and details on bills that are currently pending, which could change the regulatory framework...
This report provides all current up-to-date regulations regarding vaping in Estonia, including a very recent update to the law around menthol-flavoured e-liquids ...
The Greek e-cigarette industry is largely “satisfied” with the government’s decision to repeal the law banning shake and vape products – but doubts and difficulties remain ...
This report provides a comprehensive overview of the regulatory regime for e-cigs in Greece, including information and restrictions relating to the most recent law that was adopted at the end...
The German Bundesrat, the legislative body that represents the country’s 16 Länder (states) at federal level, will vote in September on a law that will introduce further restrictions on nicotine-free...
This report provides an overview of the current regulatory landscape for e-cigarettes in Finland, including advertising and marketing restrictions, notification obligations and product restrictions ...
Vaping businesses in the US state of New Jersey, already crunched by the coronavirus pandemic, now say they need to make radical changes to stay afloat under a state ban...
This report, the first of a series of studies of current topics in the vaping world, looks at flavour preferences of open system users and what consumers will do if...
Poland transposed the EU Tobacco Products Directive (TPD) in 2016. The law requires notification of products six months before marketing. This report compares the April 2019 and March 2020 lists...
Romania transposed the EU Tobacco Products Directive (TPD) in 2016. Although some aspects are not regulated, there are current attempts to introduce restrictions on advertising and public usage of e-cigs...
The Czech Republic incorporated the European Union Tobacco Products Directive (TPD) into its domestic legal system in 2017. This report provides a comprehensive overview of the current regulatory landscape for...
This report is one of a series of studies from our online survey carried out in February 2020. It explores Italian consumer e-liquid preferences, choices and behaviours based on a...
Written by Stavroula Anastasopoulou | 11th March 2020
ECigIntelligence collected responses from 481 e-cig users who use open system e-cigarettes in the UK, with the aim to better understand what types of device they use, brand, nicotine strength,...
This report focuses on the main changes that occurred in the Russian e-cigarette market throughout 2018 and 2019. It covers marketing size, vaping population, purchase channels, top brands, factors affecting...
This regulatory report covers the current restrictions in place in Hungary, focusing on aspects such as age restrictions, tax, enforcement, labelling and packaging, plus more ...
While expectations of new regulation of do-it yourself (DIY) products in Greece remain, the local industry have made their own efforts to ensure that the new anti-smoking law approved in...
ECigIntelligence gained access to a series of documents disclosed by the EU after a freedom of information request that contained its recent conversations with the tobacco and vaping industries. This...
The market report on Russia explores consumer e-liquid preferences, choices and behaviours based on our consumer survey conducted between November and December 2019 ...
In a move that will please the Greek Electronic Cigarette Businesses Association, the country’s government has decided after all to regulate do-it-yourself (DIY) vaping products in Greece ...
This market report focuses on France, looking at the notifications for vaping products throughout 2019, the process for which is managed by the French Agency for Food, Environmental and Occupational...
In this Belgium market report, we look at the positive and negative lists of notified products. There has been an increase in notification of disposable e-cigarettes ...
This report is one of a series of studies that deals with e-cigarette users’ product choices and behaviour, specifically focusing on general patterns of e-cigarette consumption and attitudes of Russian...
Our latest regulatory report for Bulgaria details the general regulatory framework for the country, as well as providing recent updates for national regulation, labelling and packaging, obligation to notify and...
As Montenegro prepares to potentially join the EU we find that the country is already bringing its vaping regulations in line with the Tobacco Products Directive (TPD) ...
In September, Michigan became the first US state to announce a ban on flavoured nicotine vaping products. This report provides further in-depth informaton about the current regulatory landscape in the...
Written by Elba Manzanilla Zapata | 14th October 2019
A new proposal regarding e-cigs could bring fresh restrictions and enforcement if approved. This report explores recent updates to current regulations in Greece ...
Vape store owners in Greece could be given another six months to sell do-it-yourself (DIY) products, under a proposed new law drafted and published by the Ministry of Health ...
The new chairman of the Greek Committee of Experts on Tobacco Control has backed the government’s commitment to enforcing and strengthening the existing smoking and vaping restrictions ...
A new tax regime in Poland has been delayed until 2020, while the notification process has been tightened up but some areas of reguation still appear open to interpretation ...
This report looks at the latest rules and regulations in the Netherlands, featuring updates regarding advertising and marketing, packaging and labelling, notifications and taxation ...
Who has made the vaping world what it is today – and who will be prominent in determining its future direction? ECigIntelligence has drawn up a list of 20 movers...
In our latest look at the French market we find that the French notification list now contains more than 30,000 vapour products, and consists mostly of e-liquids with more than...
Written by Elba Manzanilla Zapata | 29th March 2019
While the Italian government has taken a positive stance on vapour products, a tax of €0.08 per ml now applies to nicotine-containing products, and €0.04 per ml for zero-nicotine...
Our updated report looks at the tobacco law that is likely to form the basis of future regulation of e-cigarettes and HnB products in a country that is in Europe...
In our latest look at how vape stores are faring in Russia, we find that the bigger share of revenue is generated by e-liquids rather than hardware, and the popularity...
Written by Elba Manzanilla Zapata | 28th January 2019
The UK is still set to leave the EU, after which the Tobacco Products Directive (TPD) will no longer apply but the Tobacco and Related Products Regulations 2016 will remain...
Written by Stavroula Anastasopoulou | 15th January 2019
In our latest look at the Greek market, we find Greek vapers prefer open system devices, the offline channel currently generates more sales and electronic cigarettes are now more widely...
The Italian vaping industry is ready to shake off the shackles of past regulation and taxation, according to the coordinator of a major private study ...
This report on the e-liquid use and choices of Russian vapers, based on an online survey, is one of a series of studies dealing with e-cigarette users’ product choices and...
Regulation, regulation, regulation was the theme of 2018. ECigIntelligence brings you its round-up of the developments that marked the old year and may shape the direction of those to come...
This regulatory report on the Czech Republic includes updates on the regulatory landscape, product restrictions, labelling and packaging, obligation to notify, public usage, taxation, and enforcement ...
This December 2018 report on e-cig regulation in Romania includes updates on product restrictions, packaging, notification, taxation and enforcement ...
This report on e-cig regulation in Lithuania contains updates on age and product restrictions, obligation to notify, public usage, advertising and marketing, taxation, enforcement, and bills currently under debate...
Our in-depth report finds a Russian e-cigarette market in a state of stagnation, with little change in the number of vapers and a fall in the number of vape stores,...
Written by Elba Manzanilla Zapata | 9th October 2018
In our latest look at regulations in Greece, we find that there are planned regulations for DIY and shake and vape products and only TPD-compliant, nicotine-containing products notified to the...
Conclusions and recommendations from the Parliamentary Science and Technology Committee investigation into e-cigarettes have confirmed yet again the UK’s status as the most vape-friendly major market ...
Written by Stavroula Anastasopoulou | 17th August 2018
In our latest look at the market in the UK, we surveyed vape stores across the country to get a picture of their current business. We found shake and vape...
A grand total of 185,635 e-cigarette product notifications have been successfully registered with the European Common Entry Gate (EU-CEG) as of July of this year, ECigIntelligence has learned from the...
ECigIntelligence provides up-to-date details of e-cigarette regulations in Malta, where the EU Tobacco Products Directive (TPD) was tranposed into domestic law in 2016 ...
The Italian Customs and Monopoly Agency (AAMS) has published a list of nearly 400 vape stores, pharmacies and drugstores in the regions of Abruzzo, Tuscany, Piemonte and Valle d’Aosta that...
Written by Stavroula Anastasopoulou | 29th June 2018
In our latest look at the United Kingdom and CBD, we find that CBD-containing e-liquid products can be found online, few vape store chains and in some independent vape stores...
A British lawyer and engineer has warned manufacturers of nicotine-free e-liquid they still need to comply with legislation concerning the quality of liquids ...
The Greek Ministry of Health has issued two circulars on e-cig regulation, clearing up a legal grey area by insisting that both CBD and shake-and-vape products are banned in the...
Sweden is the latest country to join a European trend of taxing electronic cigarettes and other reduced risk alternatives. A new tax has been approved and will come into force...
In our latest look at Poland we find that a tax on all e-liquids will apply as of January 2019, distance sales are prohibited and new, slightly higher, notification fees...
ECigIntelligence guides you through the sometimes uncertain legal framework that applies in the UK to cannabidiol (CBD) in general, and CBD-containing e-liquids in particular ...
In our latest look at the Russian market we conducted analysis of prices and brands of 3957 products of e-liquids and 2147 products of hardware sold by the top five...
Written by Stavroula Anastasopoulou | 16th May 2018
ECigIntelligence looks at the pricing and products range in e-liquids and hardware categories across the top five e-cigarette retailer websites in the UK and finds a shift towards advanced hardware...
In our latest look at the regulations in Austria, we see that Austrian legislation regulates both nicotine-free and nicotine-containing products, going further than the TPD ...
What laws regulate the use of cannabidiol (CBD) in e-liquids across the European Union – and what regulatory regime is likely to apply in the future? Our report finds the...
Exhibitors at Germany’s biggest vape fair, this weekend’s Hall of Vape event in Stuttgart, have been advised to check carefully that their e-liquids are labelled correctly in accordance with national...
The Greek Ministry of Health recently published a statement on its website that electronic cigarettes without nicotine are not legal in the country “in accordance with national and European...
Written by Nicolás Leonardo Dejtiar | 24th April 2018
In this report from ECigIntelligence, we look at how CBD may be used as a vapour product, and examine the marketing and pricing of CBD on the leading vaping websites...
The regulation of vaping products in Hungary is substantially derived from the European TPD, but remains the most severe in the EU – although enforcement of many of the rules...
So-called “short-fill” products have not affected the number of nicotine-containing e-liquids being notified in the UK, according to an expert from the agency in charge ...
Heated tobacco is grabbing headlines, but what else will it seize? We examine a number of market and regulatory scenarios with greatly differing outcomes for both heat-not-burn products and e-cigarettes...
In this latest look at the French market, ECigIntelligence looks at the pricing and product ranges of e-liquids and hardware across the top five French electronic cigarette retail websites ...
Written by Stavroula Anastasopoulou | 23rd March 2018
ECigIntelligence’s latest online survey of the Greek e-cigarette market found advanced devices dominate, with a high proportion of respondents mixing their own e-liquids ...
This report on e-liquids is the first in a series tracking the online pricing of e-cigarette products in six key markets: France, Germany, Italy, Russia, the UK and...
How does one brand of e-liquid stand out from the crowd? ECigIntelligence talks to the owners and creators of some of the more successful brands to learn some of their...
Selling vaping products cross-border from Greece to other EU member states is allowed – provided that country does not prohibit such sales – but no legal trade can come the...
Written by Elba Manzanilla Zapata | 16th March 2018
As shake and vape products increase in popularity in Europe in response to the restrictions imposed by the EU’s TPD, we take a close look at country-by-country regulation ...
Our latest report on the state of the e-cigarette market in Italy finds that strict regulation has caused a fall in the size of the market – but not as...
Written by Nicolás Leonardo Dejtiar | 14th March 2018
Rapid growth we previously reported in the German e-cigarette market has slowed, but our latest report details a number of reasons why we still expect it to grow further in...
Eight US states currently tax e-cigarettes: five apply a volume tax, at a rate per ml of consumable product; three apply a wholesale tax, based on price sold at wholesale...
France is a mature e-cig market that is growing at a stable pace. The main distribution channel for vapour products is around 2500 vape stores but we expect sales to...
Written by Nicolás Leonardo Dejtiar | 21st February 2018
In our latest look at the Spanish market, we see that open system products dominate, online remains the most important distribution channel and IQOS is the only Big Tobacco e-cig...
Estonia is one of the most severe environments for the vaping industry in Europe. Cross-border distance sales are prohibited, while domestic online sales will be banned as of 1 July,...
The Belgian e-cigarette market is highly regulated but growing fast, with the number of vape stores in the country having doubled since last year’s implementation of the European TPD legalised...
Chewing-gum and confectionery manufacturer Wrigley has filed another US lawsuit against an e-liquid retailer, alleging violation of its trademarks for Skittles and Starburst candies ...
Written by Elba Manzanilla Zapata | 2nd February 2018
Our updated report on the current state of e-cigarette regulation in Greece includes interpretation from the customs authority on what is covered by the cross-border distance sales ban and news...
Written by Elba Manzanilla Zapata | 25th January 2018
In our latest look at the Italian market, we see that distance sales, including domestic and cross-border, are now banned under the latest amendment (known as the “Vicari amendment”) approved...
Our latest survey of vape stores in Russia looks at the revenue shares attributed to the best-selling e-cigarette hardware and e-liquids, and sounds out store managers on how optimistic they...
Written by Nicolás Leonardo Dejtiar | 11th January 2018
Our survey of German vapers’ behaviour and attitudes finds flavour and confidence in the manufacturer are key when choosing e-liquids, while ease of use and customisation options are the prime...
The popularity of shake and vape – adding nicotine shots to nicotine-free e-liquids – is increasing throughout Europe, as detailed in an ECigIntelligence report into the market in Germany ...
Written by Stavroula Anastasopoulou | 8th January 2018
ECigIntelligence looked at the price policy and product range for e-liquids and hardware on the UK’s top five visited websites selling e-cigarettes. Multipacks of 10 ml bottles and short-fill e-liquids...
In our latest look at the Italian market, we find that ready-to-use e-liquids, especially 10ml bottles, are the most common bottle sizes stocked on the top five websites, while 28%...
Our updated report looks at the newly re-drafted tobacco law that is likely to form the basis of future regulation of e-cigarettes and HnB products in a country that is...
Our latest report on the top five e-cigarette retail websites in France considers pricing and product ranges on Lepetitvapoteur.com, Taklope.com, Aromes-et-liquides.fr, E-liquide-fr.com and Kumulusvape.fr ...
ECigIntelligence’s review of the year gone by reflects the big stories of the e-cigarette world in 2017, the trends in regulation, the developing and diverging markets, the science and innovation,...
Our consumer survey of Russian vapers finds dual use drops off more slowly than in other major markets, while more Russians take up vaping purely for enjoyment, including a substantial...
The Swiss market is dominated by open advanced systems mostly purchased offline. Due to the country's nicotine ban Switzerland seems an ideal market for shake and vape e-liquids. Foreign...
Unlike its Balkan neighbours Slovenia and Serbia, Croatia – one of the last countries in Europe to transpose the TPD – puts a zero rate of tax on e-liquids ...
An e-cig company could be selling the best item available in a category but if it is selling it through the wrong retail channel, it is likely to lose out,...
Written by Nicolás Leonardo Dejtiar | 29th November 2017
As shake and vape grows in popularity, ECigIntelligence takes a look at the German market in detail and finds that experienced vapers in Germany mostly use their own-mixed e-liquids, which...
We consider the Russian market to be focused on modular devices, with over three quarters of all hardware products stocked on the top five websites being mods or replacement parts....
How has regulation in Europe affected e-cigarette markets? Tim Phillips of ECigIntelligence gave his views to an audience of industry insiders in London ...
The increasingly popular practice of “shake and vape” poses a threat to the e-cigarette industry, according to speakers and delegates at a recent conference ...
Complex desserts in a shake and vape format will come to the fore next year according to experts at the Next Generation Nicotine Delivery Conference in London ...
Written by Stavroula Anastasopoulou | 20th November 2017
Since the EU’s Tobacco Products Directive (TPD) was implemented, the Greek e-cigarette market has shifted towards using shake and vape e-liquids, as they are exempt from the new tax ...
Written by Migle Malinovskyte | 16th November 2017
Our latest survey of French e-cigarette users finds vape stores are a very popular retail channel for e-liquids, while hardware purchases are predominately made...
Our updated report on Swiss law as it relates to e-cigarettes considers both current regulation and how it is likely to change in a country that is in Europe but...
Nicotine-containing e-cigs and e-liquids have been sold legally in Sweden since 2016 and the market has been gradually growing - but there are still obstacles in its way ...
Written by Stavroula Anastasopoulou | 26th October 2017
In our latest look at the UK market, we find that the e-liquid sector is highly fragmented and a high percentage of the respondents are mixing their own e-liquid. The...
The new trend of shake and vape is taking the French market by storm, with new brands appearing rapidly – particularly a wave of imports from the US and Malaysia...
Written by Stavroula Anastasopoulou | 4th October 2017
In our latest look at the UK market, we find there are approximately 2.8m vapers, an increase of around 12% since 2015. Most are daily users, and there is a...
The EU’s Tobacco Product Directive (TPD) has not yet been fully adopted in Norway. It is anticipated that the sale and manufacture of nicotine containing e-cigarettes and e-liquids will be...
The EU’s Tobacco Products Directive (TPD) was transposed in Finland the form of the Tobacco Act, which made Finland one of the EU’s most strictly regulated countries. Market growth of...
Written by Migle Malinovskyte | 20th September 2017
in our latest look at the French market, we see that all the studied vape store chains are at least partially using a franchise business model. Our franchising conditions’ analysis...
Written by David Palacios Rubio | 7th September 2017
The Dutch health ministry is to bring in new regulation of vapour products, including a 10 ml limit on non-nicotine e-liquids and some vaguely worded restrictions on e-cigarette packaging ...
The sale of ingredients for shake and vape – enabling users to mix their own nicotine and non-nicotine e-liquids – is a legal grey area for sellers in many European...
Local e-liquid manufacturers, small vape stores and a culture of cloud chasing dominate a very small e-cig market in the Philippines, where traditional cigarettes are cheap and nearly half of...
Electronic Cigarettes International Group (ECIG) has withdrawn its application for an initial public offering (IPO) on the U.S. NASDAQ stock exchange, but kept the door open for a private offering...
Significant drop in vapers since 2013 • We estimate that the market will contract to €75-150m • Accompanied by large closures in vape stores • Continual tax...
U.S. e-cig supplier Victory Electronic Cigarettes is claiming leadership of the British and wider European markets following its fourth takeover of the...
With two years still to run before the European Tobacco Products Directive (TPD) comes into practical force, there are hints already that regulation will bring about a consolidation in major...
This is a shortened version of the style A-Z, containing only those items which may be of particular relevance or use to analysts. according to – try...