Not a chemist but looking for an answer I can understand.
Electronic cigarettes use propylene glycol and/or vegetable glycerin as a base liquid. This is heated and vaporized at a low temperature (my e-cig is 7 watt). When exhaled the VG/PG absorbs water from the air producing the visible vapour cloud.
Assuming standard temperature ($\pu{20^\circ C}$) and humidity ($\pu{50\%}$), what ratio (or percentage) of the visible cloud is water?
It's not that I can't find an answer to this, just can't find an answer I believe. Most based on rumor and warm fuzzy feelings of what people want to believe.