Market Insights Snapshot
Goldsmith Extracts has been showing a consistent performance in the Concentrates category in the Arizona market. The brand has been steadily climbing the ranks from 15th in August 2023 to 13th in November 2023. This upward trajectory indicates a growing preference for their concentrates among consumers in Arizona. However, the brand didn't make it into the top 20 in the Vapor Pens category in September 2023, which might suggest a need for improvement in that area.
In terms of sales, there has been a noticeable increase in the Concentrates category for Goldsmith Extracts. In the span of three months, from August to November 2023, sales rose from approximately 122,199 to 129,505, indicating a positive trend in consumer demand. On the other hand, sales for Vapor Pens saw a decline, dropping from 231,081 in August to 175,872 in November. This could be a point of concern for the brand, and certainly something to keep an eye on in the future.
In the Vapor Pens category in Arizona, Goldsmith Extracts has seen a fluctuation in its ranking over the months of August to November 2023, moving from 21st to 23rd place. This indicates a slight decrease in market position, especially when compared to competitors such as Dime Bag and IO Extracts, which have maintained more consistent rankings. However, Goldsmith Extracts has outperformed Item Nine Labs which saw a significant drop in rank from 9th to 24th over the same period. Interestingly, despite its lower ranking, Goldsmith Extracts' sales have been on a rising trend, surpassing those of The Pharm in November, a brand that has consistently ranked higher. This suggests that while Goldsmith Extracts may not be a top player in the market, it is showing resilience and potential for growth.
In November 2023, the top-performing product from Goldsmith Extracts was the 'Purple Punch Badder (1g)', maintaining its position from October. This product had a notable sales figure of 1004 units, demonstrating its popularity amongst consumers. The 'GG #4 Badder (1g)' climbed significantly in the rankings to reach second place. Meanwhile, 'Mimosa Distillate Syringe (1g)' improved its position from fifth to third. However, the 'Grand Daddy Purple Distillate Syringe (1g)' dropped from second to fourth, despite being the top performer in September.