Are you in the cannabis business? Are you wondering how you can make your business grow by understanding cannabis consumer data? What are some of the things that cannabis marketers need to know about the behavior of consumers? Does the cannabis business have challenges? What are the main demographic groups of cannabis consumers? To market your cannabis product better, you should know about cannabis business decisions and more about the buyer’s intention and demographics. In this blog, you will be knowing how to Make informed cannabis business decisions with consumer data.
Cannabis user demographics.
This information allows the cannabis industry to determine the size of a potential marijuana market. It also helps them to make informed decisions concerning the content, new products, and marketing strategies. These demographics include:
- Marital status.
- Parental status.
Females prefer to use cannabis products for wellness and health purposes. Men prefer to use marijuana for recreational purposes.
The main demographic groups by generation.
- Gen Z.
They are 23 years and below. They make up 5.9% of the population.
They are between the ages of 23 to 38 years. They make up 51.5% of marijuana users.
- Generation X.
They are between the ages of 39 to 54 years. They make up 25.7% of the population using marijuana.
- Baby boomers.
They are between the ages of 55 to 73 years. They make up 15.8% of marijuana users.
What do cannabis marketers need to know about consumers’ behavior?
- How consumers perceive cannabis is evolving.
Consumers are starting to accept and be comfortable with cannabis. In the U.S. at least 91% of the adults in the population support the legalization of marijuana. Advertisers and brands use storytelling to capture consumers’ attention.
b. State legalization of marijuana is a constant trend.
The number of states loosening their regulations on cannabis products has gradually increased over the years. The marketers should stay up to speed with the state and national level regulations.
c. The use of cannabis surged during the Covid pandemic.
During the pandemic, there was an increased number of cannabis consumers. The consumers either started to use the drug or increased their consumption. Most people reduced or replaced alcohol use with cannabis.
d. The cannabis market is expected to grow at unprecedented rates through 2025.
The legalization of cannabis creates room for more growth.
Challenges faced by a cannabis business.
The cannabis industry is rapidly growing.
2. Regulations that change constantly.
Some states have failed to legalize the use of cannabis due to religious, cultural, and government pressure.
3. Media portrayals.
Lack of information and misguided propaganda has made society look at marijuana negatively. For years it was rumored to cause brain damage.
The main demographic groups in the cannabis business are Gen Z, baby boomers, millennials, and generation X. The millennials have the highest percentage of users compared to the other groups. Cannabis marketers should know that the consumer’s perception of cannabis is evolving, the legalization of marijuana is a constant trend, and the use of cannabis surged during the Covid pandemic. Competition, media portrayals, and constant change of regulations are the main challenges that the cannabis business faces.