Millennials in Washington are snapping up cannabis products more than any other age demographic, according to market data firm Headset, writes the Civilized Staff.
The agency released a report this week on “how much [cannabis] is being sold, what kinds of products are being sold and who is buying them” in Washington State based on demographic data detailing everything from brand preference to price sensitivity across the generational spectrum.
The data comes from real-time sales reporting by participating Washington State cannabis retailers via their point-of-sale systems from September 2017.
“Unsurprisingly, cannabis is most popular with Millennials, who grew up in a world with much more liberal views on the plant,” reads the report.
“However, Gen Xers buy nearly as much cannabis as Millennials, and Baby Boomers are a significant part of the consumer base as well.”
The report reveals that Millennials held 49 percent of the total market share in 2016, with a slight increase to 51 percent in 2017.
“Millennials have grown up with cannabis as a normal fact of life, even before its legalization,” reads the report. “That they might see it as more of an essential than a luxury makes sense.”
While millennials may be the quickest to hit the dispensary, however, that doesn’t mean they’re emptying their pockets during every excursion. As one might expect given the oft-publicized economic challenges facing millennials, the average basket size is smallest among the youngest consumers.
The average item price (AIP) in a millennial’s basket is only about $14, while AIP is about $17 for Boomers. Over half of the items purchased by millennials are under $10. Gen X, on the other hand, makes just under half of its purchases below $10, while Boomers tend to have the priciest purchases.
In terms of what cannabis enthusiasts are actually purchasing, the report reveals that flower is the most popular product among consumers of all ages. Concentrates come in second place among millennials, while concentrates are tied with vapor pens for Gen Xers, and Boomers seem to prefer vapour pens and pre-rolls.
“While this data provides an interesting window into the purchasing habits of the current cannabis market, smart entrepreneurs will be watching Gen Z closely,” reads the report.
“Given how much Millennials enjoy cannabis, its safe to assume that the next generation of cannabis consumers will be even more enthusiastic when they hit legal age.
“Especially if, instead of Reefer Madness and D.A.R.E. videos, they’ve seen their older siblings and even parents enjoying safe, legal cannabis with no ill effects.”
Source: 420 Intel – United States