Shopping behavior changes dramatically during the holiday season. This can make preparing for the season difficult for cannabis retailers. The Demographics Add-on on Insights Premium can simplify the process by helping you understand the shifts in shopping behaviors so that you can better prepare for the upcoming holiday season.
In this report, we use the Demographics Add-on in our Insights Premium tool to look at shopping behavior across age groups and demographics around Christmas of last year (2019). This will tell us not only who was shopping and what they bought, but also how much they’re buying and when. In addition to providing you with an understanding of who your customers are, this insight is helpful for building effective marketing campaigns, efficiently managing product inventory, and ensuring sufficient staffing on the busiest days. Cannabis operators can also use this insight to help develop product development strategy and ensure they have enough products on store shelves to meet demand this holiday season. To keep track of holiday trends on your own, you can sign up for a free Insights Pulse account or request a demo with us today to find out how you can use Insights Premium data to better prepare for busy shopping days.
Different customers shop for cannabis differently during the holidays, but there are some clear trends that were observed from last year's holiday season that can inform retailers and operators what to expect this year. For example, during Christmas 2019 and in previous years, Edibles, Topicals, and Beverages sold more on average than the rest of the year. Interestingly, both Males and Females shopped similarly for Beverages and Edibles, but Male customers had a much larger increase in their average daily sales to Topicals than their Female counterparts. In this report, we explore in more detail how different age groups and demographics changed their shopping behaviors last year and what categories we can expect to grow this year as a result.
Data for this report comes from real-time sales reporting by participating cannabis retailers via their point-of-sale systems, which are linked to Headset’s business analytics software. Sales data is cross-referenced with our catalog of over 500,000 products to provide detailed information on market trends. Headset’s data is very reliable, as it comes digitally direct from our partner retailers. However, the potential does exist for misreporting in the instance of duplicates, incorrectly classified products, inaccurate entry of products into point-of-sale systems, or even simple human error at the point of purchase. Thus, there is a slight margin of error to consider.
All data with the exception of slide 3 is from loyalty program sales only, whereas slide 3 is from market-wide data. All of the data in this report is a combination of our US Insights Premium markets (California, Colorado, Nevada, Oregon, and Washington).
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