The cannabis industry is constantly evolving. There are new brands and product types introduced every day. On top of that, there are entire new markets entering the industry at an increasing rate! Headset has real-time data products to answer many critical questions that will help you keep up with this fast-paced industry and grow your business ahead of the curve.
One of the most critical questions any business can ask is: who is my customer? With the Demographics add-on in Insights Premium, you'll find the answer in real-time, allowing you to adjust your business strategy quickly so you can stay ahead of the market. In this report, we'll take a look at how the cannabis consumer landscape has changed from 2019 to 2020, a year defined by unprecedented events, particularly the COVID-19 pandemic. While this report goes into a lot of detail, the data included is only a sample of what you can accomplish with the Demographics add-on. To see what else you can uncover, sign up for a demo, or get started for free with Insights Pulse.
Despite the chaotic events of 2020, the cannabis industry continued to grow. With the changing environment, customer behavior changed as well. Year over year growth in cannabis sales decreased from the youngest to oldest generations from 2019 to 2020 and the oldest generation, the Silent Generation, had negative year over year growth. Gen Z, on the other hand, grew 127% year over year and is becoming an increasingly important demographic group. This trend might indicate that cannabis is a more integral part of life for younger consumers, but COVID-19 also might be playing a part since older customers may be more hesitant to go to a cannabis store during the pandemic.
There are also differences in how Males and Females purchased cannabis throughout 2019 and 2020. For example, both Male and Female customers in the Gen Z group have decreased their spending on Pre-Rolls, but the drop off for Male consumers was more significant. Gen Z Females, the fastest growing demographic group, slightly decreased their spend on Concentrates, while Gen Z Males increased their sales to Concentrates from 10.8% in 2019 to 16.1% in 2020. To keep reading about changes in cannabis consumer behavior, download the report below.
All data is directly from our Demographics add-on, available with an Insights Premium subscription, and is aggregated across the California, Colorado, Nevada, and Washington recreational cannabis markets.
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