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Apr-2024
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Overview
Market Insights Snapshot
In New York, Platinum Reserve has shown a noteworthy performance in the Flower category, securing a place within the top 30 brands consistently from January to April 2024. The brand climbed from a rank of 15 in January to an impressive 12th position by April, indicating a solid upward trajectory in its market presence. This rise is underscored by a significant increase in sales from January's $195,212 to $353,985 by April, suggesting a growing consumer preference and market share. However, in the Pre-Roll category, Platinum Reserve faced challenges, starting outside the top 30 in January at 31st place and further slipping to 52nd by February, with no rank recorded for the subsequent months. This indicates a struggle in this category and highlights the importance of focusing on their successful Flower segment while addressing the gaps in their Pre-Roll offerings.
Such contrasting performances across categories within the same state underscore the dynamic nature of consumer preferences and market competition. The success in the Flower category for Platinum Reserve in New York demonstrates the brand's strength and potential for growth, capitalizing on product quality or marketing strategies that resonate well with consumers. On the other hand, the Pre-Roll category presents an area for improvement and potential reevaluation of product offerings or marketing tactics. This disparity in performance across categories suggests that while Platinum Reserve enjoys a strong foothold in certain areas, there is a clear opportunity to refine and expand its market strategy to other product lines, leveraging insights from its successful segments.
Competitive Landscape
In the competitive landscape of the Flower category in New York, Platinum Reserve has shown a notable fluctuation in its market position from January to April 2024. Initially ranked 15th in January, it experienced a dip to 22nd in February, before making a recovery to 17th in March and further improving to 12th in April. This trajectory suggests a volatile yet overall positive trend in its market performance relative to its competitors. Noteworthy is Florist Farms, maintaining a stable presence in the top ranks (6th to 11th), indicating a consistent consumer preference. Conversely, Hepworth Pura and Live (NY) have shown significant rank improvements over the same period, with Hepworth Pura jumping from 28th to 14th and Live (NY) from 34th to 13th, suggesting dynamic shifts in consumer choices and competitive pressures. Rythm, entering the top 20 only in March, quickly ascended to 10th by April, highlighting the rapidly changing dynamics within the New York Flower market that Platinum Reserve must navigate.
Notable Products
In April 2024, Platinum Reserve's top-performing product was Jack Herer (3.5g) from the Flower category, maintaining its number 1 rank from previous months with notable sales of 3612 units. Following Jack Herer, Hawaiian Runtz (3.5g) also in the Flower category, secured the second position, improving its rank from the third position in March to second, showcasing a consistent performance. Banana Jealousy (3.5g), a new entrant in the rankings since March, impressively climbed to the third rank by April, indicating a strong market acceptance. White Widow (3.5g) debuted directly in the fourth rank in April, suggesting a promising start for this product. Meanwhile, Bruce Banner (3.5g) experienced a decline, dropping from the second rank in March to fifth in April, highlighting a shift in consumer preferences within the Flower category.
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