The New Cannabis Consumer
Since legalization, cannabis is undergoing a transformation in public perception from an illegal drug to a respected medicine. Here in the US, it has been legalized for either recreational and/or medical use in over half of the states, including Washington, DC and Puerto Rico. Also, it has been reported that in states like Colorado, Oregon, and Washington, the sales of recreational marijuana have surpassed a billion dollars. That is a lot of consumer spending.
With legalization of marijuana all over the country, there comes a new set of consumers. Let's take a look at who are these growing consumer groups.
While the number of men still prevails in the cannabis consumers, there is a growing number of women cannabis consumers recorded. It was found that over 15% off cannabis users were women. A reason for this is that women are more known to make the majority of purchasing and family healthcare decisions. Also, more and more women are becoming consumers of cannabis for either medical and/or recreational purposes.
Another growing demographic of cannabis users are young liberals. The term “young” refers to Millennials and Gen Z members. Anyone from 18-30 years old.
Data gathered from a 2015 survey by Pew shows that states with young populations and liberal tendencies tend to be the ones that legalize the use of marijuana—both medical and recreational. These young people are also known to be in charge of making marijuana a mainstream wellness product.
This third group is dubbed as the “fastest growing group of cannabis consumers”. The percentage of baby boomers using marijuana among adults 50 years and older saw an increase of 71% in between 2006 and 2013. By 2016, the percentage of consumers over 65 increased by 25%. Contrastingly, there are only 5% of older adults who see cannabis as a health risk.
The surge of users under the Baby Boomers demographic is a result of medical cannabis becoming their go-to medicine. As health care costs continue to rise, many aging demographics have experienced low satisfaction with prescription medical drugs and treatments. To overcome these dilemmas, more and more boomers are giving cannabis a try.
Consequently, the legalization of marijuana in the U.S. has saved $165.2 million in Medicare. If it was legalized nationwide, the total Medicare saved would amount to an average of $468 million in prescription costs.
This increasing number of baby boomer cannabis consumers has prompted marketing targeted to this demographic. This is a smart competitive advantage.
How much do you know about your customers in these demographic groups? How often do they shop? What are they buying?
We all know how powerful data is in today's market. But how can cannabis businesses use smart data to learn more about who's shopping in their store and how to cater their marketing to growing demographics?
Watch our FREE webinar where we show you how to use the right data to create a powerful marketing strategies that work.